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Germany’s BaFin Rejects Binance Crypto Custody License

BaFin, the German financial regulatory authority in Germany responsible for overseeing banks, financial services institutions, insurance companies, and securities exchanges, has reportedly informed Binance of its decision to not grant the exchange a crypto custody license. Local publication Finance Forward reported on the development citing people familiar with the matter on Thursday, although it noted the nature of the denial. Binance hasn’t confirmed or denied the report, saying that while the exchange is “unable to share details of conversations with regulators,” it continues to work to meet BaFin‘s requirements.

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