Such approval is essential for the company to expand and operate in the country, but Binance failed to bring its organization in line with German regulatory requirements.
Without a license, specifically a crypto custody license in Germany, Binance is not allowed to advertise – limiting its growth potential.
However, even without a license, Binance is likely to remain one of Germany’s largest crypto platforms. Users can still access the website and app without restrictions.
Binance has faced mounting pressure in several countries over the past month, including Brazil, Canada, France, the Netherlands and the UK, resulting in lost licenses and market exits.
The recent lawsuit filed by the US Securities and Exchange Commission against Binance and its founder Changpeng Zhao has further complicated matters globally.