The largest crypto exchange in the world not only wants to develop a regulatory clean image, but also wants to be allowed to actively advertise in individual countries. To this end, Binance has applied for licenses in numerous countries inside and outside the EU. The crypto exchange has now come a step closer to the goal of operating from Germany and being able to do active marketing, i.e. also to address people in Germany.
Binance Managing Director upbeat
Binance Managing Director for Germany, Michael Wild, announced to BTC-ECHO that his team had sent a license application to BaFin and the Bundesbank last week. When asked what the motivation was behind it, Wild replied:
Germany is one of the core markets for Binance in Europe and accordingly we would also like to be regulated here in order to offer our customers the best possible service while complying with all requirements and conditions. Among other things, it is also important that we want to be subject to the deposit insurance and other customer-protecting measures of the BaFin and the Bundesbank.
Binance Managing Director Michael Wild on BTC-ECHO
Will we soon see Binance advertising posters in Germany?
Should Binance succeed in obtaining the approval of the German authorities, then the crypto exchange should not only operate out of Germany, but also actively advertise in Germany. Be it addressing German users on the Internet or putting up posters on walls in the middle of the city.
Obtaining a BaFin license as a financial service provider is anything but easy. On the other hand, this shows the outside world that you meet the highest regulatory requirements. BaFin is one of the most demanding financial supervisory authorities in the world.
read too
Binance: It’s about these licenses
When asked which licenses are involved and why a license application is also being carried out at the Deutsche Bundesbank, Wild says:
We have applied for a crypto custody license according to the KWG and a corresponding proprietary trading license, so that in the future (if the license is successful) we want to be a direct contact and trading partner for our customers via a German entity – despite all the decentralization, proximity to the customer is still important, also around to enable short distances in service. As part of the licensing, we would then be supervised by the Bundesbank and BaFin, which is why we have to apply to both regulators.
Binance Managing Director Michael Wild on BTC-ECHO
License could bring competitive advantage
Licenses therefore offer those who own them a competitive advantage over other institutes that do not have the relevant registration. Binance could thus gain more visibility and market share in Germany in the coming months.
However, the crypto exchange has to be prepared to wait a few weeks. After all, the wheels of bureaucracy grind slowly. There could also be several adjustment loops.
Binance in Germany: the next steps
Detached from the license, Binance would also like to gain a stronger foothold in Germany through various education and funding programs, as Wild emphasizes to BTC-ECHO. In addition to the financial commitment, a development site in Berlin is also planned for this year. They promise to attract more talent from the developer community. So far, Binance has had an office in Frankfurt, although Wild points out that the location should not be decisive. Finally, interested developers can also apply remotely.
Do you want to buy cryptocurrencies?
Binance is one of the largest globally active crypto exchanges and offers its users a large number of coins – often those that the competition lacks.