One of the world’s biggest crypto exchanges, Binance, reveals that it is in talks with German authorities for a regulatory approval. The CEO of Binance, Changpeng Zhao aka CZ, confirmed this via an interview at a conference in Hamburg, Germany.
CZ explained that Germany is a very crucial market according to him. It is one of the G7 countries as well and that adds to its importance too.
Binance is in discussions with BaFin as part of plans to grow its presence in Germany. BaFin requires any business wishing to offer custody of crypto-assets to acquire a license.
“We’re doing a much better job communicating with regulators here. We still hope to get a license in Germany, and we want to grow our market here,” CZ said.
Zhao went on to unveil that Binance is hiring fresh team members, especially for its compliance team, with the aim of fixing the “right” organizational structure for its German division.
Also Read: Binance Attains France Regulatory Authority Approval for a DASP
“The regulatory communications are confidential, our team is definitely talking with the regulators here and in all of Europe. Based on my team’s feedback, things are going well,” CZ hinted.
Binance has already got approval to operate in Bahrain, Abu Dhabi and Dubai and its attention is turned to securing licenses in the world’s biggest marketplaces. A license in Europe’s largest economy, Germany, might open the door to a greater regulatory approval elsewhere on the continent.
