[Informed sources: German regulatory agency BaFin rejects Binance’s crypto custody license application] According to reports on June 29, German financial regulator BaFi has decided not to grant a custody license to the crypto exchange Binance, according to reports from people familiar with the matter. It's unclear whether this is a formal cancellation or if regulators have signaled their intentions amid ongoing negotiations. It was reported on June 26 that Binance withdrew its application for an Austrian license under pressure from regulators. In addition, Binance had previously given up its registration with the Cyprus securities regulator, decided to withdraw from the Netherlands after its attempt to register failed, and was ordered to cease operations in Belgium.