Tags: Bafin

BitGo originally announced it was setting up two regulated custodial entities in Germany and Switzerland in February 2020.

Deutsche Bank is set to offer customers cryptocurrency custody options through a partnership with cryptocurrency infrastructure platform Taurus.

BaFin reportedly advised Binance that CEO Changpeng Zhao wouldn’t pass a “fit and proper” test as part of the financial watchdog’s licensing regime.

The crypto exchange’s move to withdraw its license in Germany comes amid reports that the exchange faced rejection from regulators.

Binance’s regulatory trouble continues to mount as the exchange faced pushback in Europe after the US.

Germany’s banking industry is slowly warming up to the crypto sector, with multiple partnerships and crypto services launching in 2023 after a long, cautious approach.

With the licensing of the German exchange’s blocknox service, it now offers fully regulated brokerage, trading, and custody.

Given the difficulties with classification, BaFin highlights the freedom of nonfungible tokens from licensing demands.

Classification of the ownership tokens as a financial instrument would imply licenses and money laundering supervision, according to regulator Bafin.

The Berlin-based firm also closed a strategic venture round led by Middlegame Ventures.