Binance said to be targeting crypto license

The exchange wants to become more active in Germany and, according to media reports, has poached a manager from a competitor.

Binance is the largest crypto exchange in the world - and now it is also setting its sights on Germany. The company has already become more active in this country and even has a new head of Europe, whom it poached from the Israeli trading platform Etoro: According to the website Finance Forward it is the ex-banker Michael Wild. He had previously built up Etoro's German business.

According to the source, Binance is now going even further: the company is apparently aiming to obtain its own crypto license in Germany, according to sources close to the company. This would even include a crypto custody license. The possible role model here could also be Etoro: The company had already applied for such a license last year.

However, it is still unclear whether Binance will receive the desired approval: the company is said to have recently had conflicts with supervisory authorities. The German financial supervisory authority Bafin is said to have initially considered an offer from Binance, but this has already been discontinued. Binance is also struggling with regulations in other countries.