Binance withdraws application for crypto license in Germany

FILE PHOTO Binance logo is seen in this illustration taken March 31 2023. REUTERSDado RuvicIllustrationFile Photo

FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Binance has withdrawn its application for a crypto license in Germany, suggesting the world's biggest cryptocurrency exchange is rethinking its immediate expansion plans amid a tough regulatory stance towards the industry.

German regulators had told Binance they would not grant it a crypto custody license, Reuters reported last month.

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