Binance Withdraws License From Austria, Focus On the UAE

Binance Deregisters in Austria

Crypto exchange Binance continues to remove its license applications in several European countries after heightened regulatory challenges in Europe and a lawsuit by US Securities and Exchange Commission (SEC). Binance now only has licenses in France, Italy, Spain, Poland, Sweden, and Lithuania.

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Binance Austria GmbH has withdrawn its virtual asset service provider license from the Austrian Financial Market Authority (FMA), reported Finance Forward.

“We are unable to provide details from our discussions with regulators, but we will continue to act in accordance with our commitments wherever Binance operates,” a company spokesman said.

Binance recently withdrew its virtual asset service providers (VASP) registration in the UK, the Netherlands, Belgium, and Cyprus. The crypto exchange working to remain fully compliant with the MiCA regulation, expected next year. It will provide a passport for crypto firms to operate legally across European Union with a license in any country.

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Binance could also remove its license in Germany after top executives Michael Wild in Germany and Raphael Zakarias in Austria left the firm.

Meanwhile, Binance is looking to expand its services in the UAE, considering it as a key operational hub. Binance CEO “CZ” earlier said the country has clear crypto regulations and a friendly approach towards the crypto industry.

Also Read: US SEC Moves To Seize Terra Founder Do Kwon’s Crypto Assets In Swiss Bank

Binance Market Share Continues to Fall

The latest data from Kaiko shows that crypto exchange Binance’s spot trading market share has now dropped to 53.7%, the lowest since August 2022.

Binance faces heightened regulatory scrutiny, but this opens up new opportunities for other players in the market. Recently, EDX Markets-backed by financial giants such as Fidelity Investments, Citadel Securities, and Charles Schwab started operations.

Also Read: BlackRock, Ripple, Nasdaq Among 363 Sales Parties Interested In FTX 2.0

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