The chief executive officer of the Binance crypto exchange unveiled the efforts of the exchange to get regulatory approval from the German regulatory body.
Binance is a leading crypto exchange in the crypto industry. Exchange is known to provide quality crypto services by taking care much about the needs of newbies and pro-crypto investors. Due to its highly quality-based services, exchange is standing at the first rank in the crypto industry by 24 hours global trade volume contributors.
In past months, reports were spreading in the crypto industry about the efforts of the Binance exchange planning to get regulatory approval in Germany but now Binance exchange openly talked about such reports and noted that those reports were true.
The exchange took the reference of the reports, that were published in February of this year, and said that the team of exchange is currently active in talking with the European regulatory bodies and here they are much hopeful with the regulatory bodies of Germany.
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Recently on Speaking at the Finance FWD Conference in Hamburg, Binance CEO Changpeng Zhao stated that they may likely grab regulatory approval.
“We hope to get a license in Germany,” Zhao said. “Our team is talking to regulators and based on secondary feedback the conversations are going well.”
Binance toward EU & Middle East expansion
Last year, the Binance exchange faced huge scrutiny issues from the many regulatory bodies of different countries. After that exchange decided to become a globally regulated crypto exchange.
This year, the exchange showed its rapid initiative toward regulatory approval in the Middle East and Europe.
In the recent few months, Binance grabbed crypto licenses in Abudhabi, Dubai, Bahrain, and France.
Binance exchange interfere in Terra collapse
In the last week, the Crypto industry saw how Terra network’s native tokens Luna & UST collapsed within a small interval of time.
It was only Binance CEO Changpeng Zhao, who forced the Terra project team to reveal all the reserved funds behind the UST stable coin.
Under the pressure of Binance CEO, Terra’ LFG revealed that the team almost sold all the Bitcoin funds to save UST’s downfall but failed.
Read also: A new kind of malware may steal funds from the hot crypto wallet: Microsoft
Binance expecting to receive regulatory approval in Germany
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