Just-In: Binance Seeks Approval In Europe’s Largest Economy
Binance CEO Changpeng “CZ” Zhao said on Wednesday that the exchange plans to apply for a license to operate in Germany.
Speaking at fintech conference Finance Forward in Hamburg, CZ said that after gaining regulatory approval in France, Binance is expanding its German compliance team and wants to apply for a license in Europe’s largest economy.
CZ had said the exchange would set up its European headquarters in Paris, and use that as a launching point for its expansion across the continent.
Binance already in talks with Spanish, Italian authorities
The application for a German license comes amid ongoing talks with other major European economies, specifically Spain and Italy. Earlier this month, CZ met with former Italian Prime Minister Giuseppe Conte, and several major politicians to talk digital finance.
While no commitments were made on either side, the move could hint at lobbying plans in Rome for a crypto license.
Additionally, Binance also complied with a request from Spain’s financial authority to cease offering crypto derivatives in the country- a sign that it is willing to play ball with governments in order to gain approval.
Europe is also not the only region the world’s largest exchange has plans for. It has made headway in several middle eastern countries as well this year.
Move comes amid a crypto crash
Still, Binance’s expansion plans come in the wake of one of the worst crypto crashes seen in recent times. Total crypto market capitalization has slumped by over $500 billion in the past two weeks, with markets still under pressure.
Speaking at Finance Forward, CZ said that Binance is still “cash flow positive” despite the recent crash.
He also warned that a “crypto winter” could be in store for markets. But CZ expects a boom to follow shortly after such a period of market weakness.
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Bitcoin, Ether ETF Data Signals Huge Selloff Sentiment Ahead of Fed Jerome Powell Speech Today
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
