Binance Withdraws License Application in Austria Amid Regulatory Hurdles

Vignesh Karunanidhi
Binance Obtains Regulatory License in Dubai
Source: Crypto News

Following the regulatory hurdles, Binance has announced plans to withdraw its license application in Austria, according to recent reports by FinanceFWD.

Binance, a well-known cryptocurrency exchange, has been engaged in an ongoing dispute with the Securities and Exchange Commission (SEC). The SEC’s recent lawsuit against the exchange has generated attention and raised industry concerns.


Binance to withdraw Austria license application

According to the latest report, crypto exchange Binance has withdrawn its license application with Austria’s Financial Market Authority. Details from sources familiar with the matter reveal that CZ’s exchange withdrew its application in Austria some time ago, as reported by FinanceFWD.

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In a recent announcement, Binance revealed its decision to exit the Dutch market. The exchange cited the inability to obtain a virtual asset service provider (VASP) license. This license is essential for ensuring compliance with anti-money laundering regulations in the region. As a result, Binance will immediately halt the acceptance of new users from the Netherlands.

Furthermore, the exchange’s spokesperson told The Block that they are unable to share the details of their conversations with the regulators. Additionally, the spokesperson conveyed the exchange’s commitment to complying with the obligations.