#Binance news update :
Binance, the world's largest #cryptocurrency exchange by volume, has withdrawn its application for a license from #Germany financial regulator BaFin.
The decision comes after Binance faced regulatory scrutiny in several countries, including Germany. In May, BaFin warned Binance that it was operating illegally in Germany without a license.
Binance said in a statement that it is "committed to working with regulators around the world" and that it is "reviewing its options" in Germany.
The withdrawal of Binance's application is a setback for the company's efforts to gain regulatory approval in Europe. However, Binance still operates in Germany through its subsidiary, Binance Germany.
It remains to be seen how Binance's decision will affect its business in Germany.
Stay tuned for more updates on this story.
