Binance CEO Changpeng Zhao confirmed that the license application is on the agenda at the Finance Forward conference held in Hamburg today. In addition to this development, Binance CEO also confirmed the news that they had meetings with German financial auditors in February. While Binance is preparing to apply for a business license in Germany, it has also started initiatives to include names experienced in compliance and financial product policies in the country.
The world's largest cryptocurrency exchange faced regulatory pressure in many countries in 2021 and had to cease operations in some countries. As a result of the pressure, the stock market officials made a policy change and promised the public to work in harmony with the regulators.
In this context, the crypto money platform, which previously boasted of not having a centralized office, promised to establish centers in various jurisdictions. In addition, it has included experienced names in order to improve its dialogues with countries in the process of financial harmonization.
As a result of efforts to work with regulators, Binance first became a licensed entity in the United Arab Emirates' Abu Dhabi, Bahrain and Dubai this year. Earlier this month, it became the first major cryptocurrency exchange to receive a business license in France.
Binance's intention to operate as a licensed organization in Germany emerged after the country made crypto-friendly decisions recently. Germany has recently published its tax guide, which offers a tax exemption to cryptocurrency investors. Earlier, Commerzbank, the country's largest bank, made a request to provide crypto custody services.
If Binance can get an operating license in Germany, it will have achieved significant success as a crypto exchange with operating licenses in both G7 countries.
G7 countries to address cryptocurrency regulations this week
According to the news served by Reuters, the Governor of the Bank of France, Francois Villeroy de Galhau, said at the market conference held in Paris yesterday that the latest events showed that global regulations should be put into effect urgently. In the continuation of his statement, Galhau added that they will probably also discuss cryptocurrency regulations at the G7 meeting in Germany this week.