Binance Should Receive Crypto License for Germany

Binance, the largest crypto exchange in the world (in terms of trading volume) wants to expand further into Europe and is now also targeting Germany. Binance CEO and founder Changpeng Zhao announced on May 18, 2022 at the Finance Forward Conference in Hamburg that the stock exchange in Germany should receive a BaFin license:

“Germany is an important market,” Zhao said. “We are expanding a compliance team and want to apply for a license.”

Previously, Binance had already organized a crypto license for our neighboring country France. Since May 5, 2022, the exchange has the so-called “PSAN license”, which is considered the “Holy Grail” for crypto companies in France. Other EU countries are also expected to follow suit. Changpeng Zhao stated at the conference:

“The fact that we are present in France does not mean that we ignore other EU countries.”

Binance Balance Positive Despite Crypto Bear Market

In addition, the Binance CEO also spoke about the current market situation. He explained that around $80 billion has been “wiped out” in the crypto market during the current crash.

The current crash also affected the Coinbase exchange. The Coinbase share price has fallen by over 70% since the beginning of the year. In addition, Coinbase may be facing insolvency proceedings. However, the Binance CEO revealed that the cash flow was positive compared to Coinbase.

When will the market turnaround come?

Many experts and news portals reported that the current Luna crash could be the “Lehman Brother event” of the crypto market. However, the Binance CEO believes that the crypto market is much more robust compared to traditional markets, as it is decentralized. Nevertheless, he warned the audience to be careful. Zhao believes that a crypto winter is still possible, but he is optimistic about the long-term future of the market:

“The boom times will come back. At the moment, however, I would still be cautious. We see a rebound of the market in the next twelve months.”

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