Binance reportedly withdraws from Austria

Wednesday 28 June 2023 16:01 CET | News

Cryptocurrency exchange Binance has reportedly withdrawn its application in Austria and is now focusing on achieving MiCA compliance.


Binance is fighting battles on multiple fronts in 2023, as it tries to fend off the US Securities and Exchange Commission while pulling out from several markets in Europe. Specifically, the cryptocurrency exchange has left the Netherlands after it failed to secure a licence from the Dutch central bank, and it also faced an investigation in France concerning its anti-money laundering procedures. 

Now, reports from Finance Forward have surfaced that Binance is preparing to leave Austria, as Binance Austria GmbH withdrew its license application from the Austrian Financial Market Authority (FMA). According to the same source, Binance initially  announced its intention to expand to the European country in 2022 and tried to register as a ‘service provider in relation to virtual currencies.’


Cryptocurrency exchange Binance has reportedly withdrawn its application in Austria and will now focus on achieving MiCA compliance.


Compliance with MiCA

Apart from shuttering its operations in certain European markets, Binance is also focusing on achieving compliance with European regulations, including the Markets in Cryptoassets (MiCA) Regulation. 

Binance officials cited by revealed they remain committed to acting in compliance with their obligations wherever Binance operates. MiCA is a very important crypto legislation designed to support European financial stability and consumer protection. The European Union unanimously passed the regulation in May 2023, and enforcement is expected to come through in 2024. 

The move came a day after the three main institutions finalized measures aimed at stamping out money laundering in crypto. Among the affected players one can find exchanges and issuers of stablecoins, which are tokens that are meant to be pegged to existing assets such as the USD. 

Binance has been preparing for MiCA for some time now. Some of its moves in anticipation of the regulation included the delisting of privacy coins. Binance also withdrew its applications in European countries such as the United Kingdom, the Netherlands, and Cyprus. Binance officials attributed these decisions to the company’s compliance processes and efforts to target larger markets such as France, Italy, and Spain.

Binance's expansion in Kazakhstan

It's not all bad news for Binance, however. In June 2023, the company managed to launch a regulated digital asset platform in Kazakhstan as part of its global expansion efforts. 

In 2022, Binance obtained a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA), and the digital asset platform launch follows this achievement. With the licence, Binance gained approval to operate a digital asset platform and provide custodial services within the jurisdiction of the Astana International Financial Center (AIFC). 

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cryptocurrency, cryptocurrency exchange, regulation, MiCA, compliance
Categories: DeFi & Crypto & Web3
Companies: Binance
Countries: Austria
This article is part of category

DeFi & Crypto & Web3


Discover all the Company news on Binance and other articles related to Binance in The Paypers News, Reports, and insights on the payments and fintech industry: