BaFin Statement by Changpeng Zhao

Changpeng Zhao, the founder of Binance, the cryptocurrency exchange approved by France, announced that they were meeting with Germany. Stating that the meetings were positive, Binance CEO Zhao stated that his team met with the authorities in Europe and the feedback they received was positive.

Cryptocurrency exchange Binance, which is in the first seat thanks to its trading volume, is recording negotiations to obtain a license in Germany, more than a year after it was warned for offering stock-like digital assets without issuing any investor prospectus. In his statement, Changpeng Zhao, the CEO of Binance, underlined that he aims to expand its presence in Germany, and noted that they are in talks with the German banking and supervisory institution (BaFin). The German banking and supervisory authority (BaFin) stipulates that all businesses wishing to operate a crypto-assets custody platform must obtain a license from it. At the Advanced FinTech Conference in Hamburg, Binance founder Zhao said, "Our team is definitely talking to regulators here and across Europe. I haven't spoken to them directly, but based on the feedback from my team, I can say that things are going well. We do a much better job communicating with the authorities here. We are still hoping to obtain a license in Germany and we want to expand our market share there." In April last year, the German banking and supervisory agency Binance, Tesla Inc., Microstrategy Inc. It warned of offering crypto-like digital assets tied to the performance of top US stocks, such as Following this warning, Binance defended itself by stating that they aimed to enable investors to benefit from stock performance and dividends by investing in these tokens without violating the rights of stockholders. However, BaFin added in its statement that Binance violated the security rules. The Binance Germany process took place after Binance decided to make Paris the company's European headquarters in return for approval from France earlier this month.