Binance has announced it will discontinue its license application process in Austria due to regulatory difficulties. Binance represented by its subsidiary, Binance Austria GmbH will not move further with plans to operate in the country as it’ll discontinue its registration with the Austrian Financial Market Authority (FMA).
Binance is a cryptocurrency exchange that was founded in 2017 by Changpeng Zhao. It is currently the largest cryptocurrency exchange in the world by trading volume. Binance offers a wide range of features, including spot trading, margin trading, futures trading, staking, and lending.
It also has a native token, BNB, which can be used to pay for trading fees and other services on the platform. It has taken steps to expand around the world in order to serve more users and help drive the adoption of crypto and blockchain technology.
Concerning the move away from Austria, a spokesperson of the crypto exchange refused to give details of discussions with the Austrian authorities. However, Binance said that the focus of the exchange is to expand to European countries that are in sync with the MiCA regulation created by the European Commission.
MiCA (Markets in Crypto-Assets) is a regulation proposed by the European Commission in 2020 that aims to create a comprehensive regulatory framework for crypto assets in the European Union.
The regulation covers a wide range of aspects of the crypto asset market, including the issuance of crypto assets, provision of services related to crypto assets, supervision of crypto-asset service providers, prevention of market abuse and financial crime, and protection of consumers.
In addition to Austria, Binance has withdrawn from other European countries such as the United Kingdom, Netherlands, and Cyprus. On the other hand, the exchange is working closely with France, Italy, and Spain in compliance with the MiCA rules.