Binance And CEO CZ Facing Intense Scrutiny In Euro Area Amid Banking Woes: WSJ
Binance Regulatory and Banking Partner Challenges in Europe Germany’s financial regulator BaFin recommended Binance to withdraw its license application in the country. The regulator has concerns about CEO CZ and the crypto exchange’s complicated structure, reported the Wall Street Journal on July 29. advertisement According to people familiar with the decision, Binance CEO CZ wouldn’t pass a “fit and proper” test. Furthermore, the organizational structure of Binance impeded the effectiveness of regulatory oversight, making supervision difficult for regulators. Binance has withdrawn license applications in the Netherlands, Austria, Germany, and Cyprus. The crypto exchange faces scrutiny from France, Belgium, the UK regulators, even losing its European banking partner PaySafe. After losing USD and AUD support, some believe Binance is being cut off from the European banking system. The challenges for Binance CEO CZ continue to rise a...