One of the largest cryptocurrency exchanges in the world, Binance, has withdrawn its application for a licence from the Austrian Financial Market Authority (FMA).
When asked to comment on the reported withdrawal of the application, a Binance representative responded that they remain committed to complying wherever their services are provided. Binance aims to ensure full MiCA (crypto-asset markets) compliance when the system is implemented in Europe by the end of next year.
Binance withdrew its application from Austria some time ago. Regulatory pressure is believed to have been behind the move, and Binance Austria GmbH was launched in 2022 with plans to obtain a subsidiary licence.
Binance has recently decided to withdraw their business from several European countries, the latest being Austria. Over the past few weeks, they have ceased operations in the Netherlands after failing to obtain the necessary regulatory approval; also, a deregistration with the UK Financial Conduct Authority and an application for deregistration in Cyprus have been made. Binance currently has registrations in Italy, Spain and France, although the authorities in these countries are reportedly investigating possible money laundering.
Recently, Belgium's financial regulator required Binance to cease all services provided in that country.
A legal dispute is currently ongoing between Binance and the US. Regulators - the Commodity Futures Trading Commission and the Securities and Exchange Commission - have sued Changpeng Zhao (owner of the exchange) and Binance for breaking federal laws, as well as for refusing to register in the US.
