Binance under pressure: crypto tour in front of the end of Great Britain and threatening end in Germany

Binance under pressure: crypto tour in front of the end of Great Britain and threatening end in Germany

Binance is under pressure worldwide because regulatory authorities are targeting CEO Changpeng Zhao and the crypto tour. In Europe, too, the authorities take an increasingly harder attitude. Binance is in particular in Great Britain.

According to a person familiar with the matter, Binance Markets Limited (BML) intends to hire the retail trade in the United Kingdom. This step is to take place in the next two weeks, which will no longer be possible to make deposits on the crypto exchange.

The company withdrew its application for a license at the British regulator FCA at the end of May. This means that no entity of the Binance Group has admission, registration or license to offer regulated services in the United Kingdom, according to the FCA.

A spokesman for Binance Europe said that the withdrawn application had no effect on the mother platform Binance.com. The crypto tour only uses those customers in the United Kingdom who actively seek the company's services.

The situation for Binance also deteriorates in other European countries. The company recently withdrawn from the Netherlands and Cyprus. A license application was withdrawn in Austria and even investigated authorities in France for money laundering.

In Germany, the status of the crypto -custodian license has not yet been finally clarified. Bafin is said to have rejected the application. Binance Germany did not want to announce any further details, but continues to work to meet the requirements of BaFin.

The developments also affect the personnel situation at Binance. According to reports, the company has released between 1,000 and 3,000 employees worldwide, even though these figures are disputed by Binance. Previously, several managers had already left the company.

An insider claims that CEO "CZ" is said to have been the reason for these departures. He is said to have been out of the question of the investigations by the US authorities. Allegedly, employees should negotiate an “indulgence trade” with the regulatory authorities, in which Binance wanted to pay the mistakes of the past with a high fine. When this failed, CEO CZ is said to have prompted General Counsel Hon Ng to walk.

In the USA in particular, Binance is already the focus of the law enforcement authorities. Industry observers expect that the US Ministry of Justice will also charge charges.

It remains to be seen how the situation will develop for Binance. The crypto tour has not yet given up its hopes of remaining in Germany and would like to meet the requirements of BaFin. In terms of Great Britain, however, it is clear that trading will be discontinued for customers from the United Kingdom.