Binance reportedly pulls out of Austria, shifts focus to MiCA compliance in Europe

binance said crypto slate Following new reports that the company has exited yet another European market, the company said in an email dated June 26 that it strives to act compliantly wherever it operates. .

Earlier today, reports surfaced that Binance had withdrawn its application in another European country.according to finance forwardBinance subsidiary Binance Austria GmbH has withdrawn its license application from the Austrian Financial Market Authority (FMA).

In response to the, of crypto slate Upon investigation, a Binance spokesperson said the exchange could not share details of its conversations with the regulator. An exchange representative added:

“[Binance] We remain committed to acting in accordance with our obligations wherever Binance operates. “

MiCA compliant

A spokesperson further said: crypto slate The company’s current focus in Europe is to ensure compliance with upcoming Crypto Asset Market (MiCA) regulations.

MiCA is a breakthrough cryptocurrency designed to ensure financial stability and consumer protection in Europe. The European Union unanimously passed the regulation on May 16, and it will come into force next year.

Binance has made several moves in anticipation of the regulation, including delisting its privacy coin and withdrawing its licensing applications in European countries such as the UK, the Netherlands, and Cyprus.

A company spokesperson said the decision was a result of the company’s compliance process and efforts to focus on larger markets in other European countries such as France, Italy and Spain.

Binance said:

“Our current focus in Europe is to ensure full compliance with the MiCA requirements, which will come into force at the end of next year.”

Meanwhile, the backlash comes amid recent U.S. regulatory troubles that the U.S. Securities and Exchange Commission (SEC) alleges violate federal securities laws.

The article first appeared on CryptoSlate, which reportedly said that Binance would be pulling out of Austria and shifting its focus to MiCA compliance in Europe.

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