According to Binance, its primary concern right now is guaranteeing adherence to the upcoming Markets in Crypto Assets (MiCA) laws.
Earlier today, reports emerged that Binance had withdrawn its application in another European country. According to Finance Forward, Binance’s subsidiary Binance Austria GmbH withdrew its license application from the Austrian Financial Market Authority (FMA).
A Binance spokesperson said the exchange could not share details of its conversations with regulations. The exchange representative added:
“[Binance] remain committed to acting in compliance with our obligations wherever Binance operates.”
Furthermore, the spokesperson said that its current focus in Europe is ensuring compliance with the forthcoming Markets in Crypto Assets (MiCA) regulations.
MiCA is a landmark crypto legislation designed to ensure European financial stability and consumer protection. The European Union unanimously passed the regulation on May 16, which would be implemented next year.
Binance has made several moves in anticipation of the regulation, including delisting privacy coins and withdrawing its licensing application in European countries like the United Kingdom, Netherlands, and Cyprus.
A spokesperson for the firm attributed these decisions to its compliance processes and efforts to focus on larger markets in other European countries like France, Italy, and Spain.
“Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA when it is implemented at the end of next year.”
Meanwhile, these pullbacks are coming amid recent regulatory troubles in the United States, where the U.S. Securities and Exchange Commission (SEC) alleged that it violated federal securities law.