Binance, one of the world’s largest cryptocurrency exchanges, is not currently legal in Germany. The exchange is not regulated by the German financial regulator, BaFIN.
Binance has been operating in an unregulated space in Germany since its launch in 2017. The company has been looking to obtain a banking license in the country but has so far been unsuccessful.
Binance first tried to obtain a banking license from BaFIN back in 2018. The application was rejected due to Binance not being able to meet the required standards.
Binance then applied for a payment service provider license which was also rejected. The main reason for the rejection was due to Binance’s lack of a physical presence in Germany.
NOTE: WARNING: The legality of using Binance in Germany is uncertain. Cryptocurrency regulations in Germany are still being developed, and it is currently unclear whether or not trading on Binance is legal. You should check with legal experts in your jurisdiction to determine whether or not trading on Binance is permissible in Germany.
While Binance is not currently legal in Germany, the company is still allowed to operate its cryptocurrency trading platform in the country. German investors are able to trade on Binance but are doing so without any regulatory protection.
This leaves them at risk of losing their investment if the exchange were to suddenly close or experience any other type of financial difficulty.
Despite the risks, many Germans continue to trade on Binance due to the wide range of altcoins that are available on the platform. Binance also offers lower fees than most other exchanges and has a very user-friendly interface.
Until BaFIN changes its stance on cryptocurrency exchanges, German investors will continue to trade on Binance at their own risk.
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