Friday, December 9

Binance To Introduce crypto Into German Financial Framework

Binance is not retreating in its effort to conquer new territories and expand its presence in new jurisdictions.

At the Online Marketing Rockstars Festival (OMR), currently taking place in Germany, the head of Binance, Changpeng Zhao, said from the stage that he is actively communicating with German regulators. Furthermore, Binance is actively hiring compliance staff and applying for licenses in Germany.

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This move would be very relevant in addition to the fact that, at the beginning of May, Binance successfully passed registration in France and became the country’s full-fledged digital asset service provider.

It looks as if this is a great time to move into the German financial legal framework, as the country is now at the forefront of crypto adoption, taking the top spot in the latest Coincub Global Crypto Ranking. Besides that, Germany’s Federal Ministry of Finance issued the first-ever cryptocurrency tax guide, and, previously, Commerzbank, one of the largest and partly government-owned banks in the country, has applied for a license for cryptocurrency custody services.

Of course, not everyone is so zealous about the gradual introduction of crypto into the lives of Germans, but the vector in which the country is moving can be seen.

The plan begins to work

Reading all of this recent news about the unfolding expansion of Binance, one may recall the statements made by CZ back in the summer of 2021.

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The crypto mogul said then that Binance will work with global regulators as it expands, because the aim for the company is to work only in legal frameworks and be licensed everywhere, with multiple regional headquarters around the world to be established.

In 2022, the enlargement of cryptocurrencies has taken a new move, and everyone wants to rip off a bigger part—whether it is buying shares of infamous start-ups, extensive growth as described above, or intensive development of already existing projects.

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