Binance Withdraws from Austria, Finance FWD Reveals

One of the world’s largest cryptocurrency exchanges, Binance, has withdrawn its license application from Austria. This latest development follows the recent exits from the Netherlands and Cyprus, as the exchange continues to navigate a complex regulatory landscape.

In addition to its European woes, Binance is facing legal battles with the US Securities and Exchange Commission (SEC) and has encountered regulatory issues in Canada and Australia.

Binance’s Withdrawal from Austria

Finance FWD has reported that Binance withdrew its license application from Austria some time ago. The exchange declined to provide further details when questioned by Blockworks.

However, Binance emphasized its commitment to compliance and stated that its current focus in Europe is on ensuring full compliance with the requirements of the Markets in Crypto Assets (MiCA) regulation, set to be implemented by the end of next year.

European Exodus

Binance’s withdrawal from Austria adds to a growing list of European nations where the exchange is no longer operating.

Just over a week ago, Binance announced its departure from the Netherlands, citing difficulties in obtaining a license. Cyprus also saw the closure of Binance’s unit recently, further highlighting the challenges faced by the exchange across Europe.

Regulatory Woes Extend Beyond Europe

Binance’s regulatory issues extend beyond Europe. The exchange and its CEO, Changpeng Zhao (CZ), were sued by the SEC in the United States for the alleged sale of unregistered securities and the commingling of customer funds.

Binance vehemently denied mishandling user funds and criticized the SEC’s lawsuit as unjustified. In Canada, Binance ceased operations in May, citing the market’s untenability due to restrictions on stablecoin use.

Meanwhile, in Australia, Binance has faced scrutiny from regulators, with the Australian Securities and Investments Commission (ASIC) revoking Binance Australia’s derivatives license and the exchange suspending select Australian dollar deposits for PayID transfers.