Binance drops its license application in Austria

• Binance Austria GmbH has revoked its license application as a virtual asset service provider from the Austrian Financial Market Authority (FMA).
• So far, Binance has withdrawn registration in the Netherlands and the United Kingdom.
• The only European countries where Binance is legally operating are France, Italy, Spain, Poland, Sweden, and Lithuania.

Binance Austria GmbH, a wholly owned subsidiary of Binance, has cancelled its license registration from the Austrian Financial Market Authority (FMA) amid the increasing hitches stemming from the problems that Binance has had with financial authorities worldwide.

After facing increased regulatory obstacles from the US Securities and Exchange Commission (SEC) and in Europe, cryptocurrency exchange Binance has withdrawn its license applications in different European countries including the United Kingdom and the Netherlands as earlier reported here.

However, Binance is still legally registered to operate in Sweden, Italy, Spain, France, Poland, and Lithuania. Belgium’s financial regulator, last week, also ordered Binance to cease all services in the country.

While responding to a prominent media outlet, a Binance spokesperson said:

“We are unable to share details of our conversations with regulators, however, we remain committed to acting in compliance with our obligations wherever Binance operates. Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA (Markets in Crypto Assets) when it is implemented at the end of next year.”

Binance Austria GmbH

Binance reportedly launched Binance Austria GmbH in 2022 with the aim of obtaining a license for the subsidiary.

However, the subsidiary is said to have had a hard time with the Austrian regulator leading to the decision to cut short its license application process in the wake of the global condemnation of the exchange.