Cryptocurrency exchange Binance has reportedly withdrawn its application in Austria and is now focusing on achieving MiCA compliance.
Binance is fighting battles on multiple fronts in 2023, as it tries to fend off the US Securities and Exchange Commission while pulling out from several markets in Europe. Specifically, the cryptocurrency exchange has left the Netherlands after it failed to secure a licence from the Dutch central bank, and it also faced an investigation in France concerning its anti-money laundering procedures.
Now, reports from Finance Forward have surfaced that Binance is preparing to leave Austria, as Binance Austria GmbH withdrew its license application from the Austrian Financial Market Authority (FMA). According to the same source, Binance initially announced its intention to expand to the European country in 2022 and tried to register as a ‘service provider in relation to virtual currencies.’
Compliance with MiCA
Apart from shuttering its operations in certain European markets, Binance is also focusing on achieving compliance with European regulations, including the Markets in Cryptoassets (MiCA) Regulation.
Binance officials cited by cryptoslate.com revealed they remain committed to acting in compliance with their obligations wherever Binance operates. MiCA is a very important crypto legislation designed to support European financial stability and consumer protection. The European Union unanimously passed the regulation in May 2023, and enforcement is expected to come through in 2024.
Read more: thepaypers.com