Binance, one of the world’s biggest crypto exchanges, is in discussions with German authorities for regulatory approval, confirmed Binance CEO, Changpeng “CZ” Zhao, who is visiting Germany at the moment.

In today’s interview at a conference in Hamburg, CZ confirmed the existence of talks between the Binance team and German regulators.

“Germany is a very important market, it is one of the G7 countries as well,” CZ shared. “We have a much better job done communicating with the regulators here and we still hope to get a license in Germany. We want to grow our market here.”

Zhao further revealed that Binance is actively hiring new team members, especially for its compliance team, with the goal of setting up the “right” organizational structure for its division in Germany.

“The regulatory communications are confidential, our team is definitely talking with the regulators here and in all of Europe. Based on my team’s feedback, things are going well,” CZ teased.

France Approves

France approved Binance earlier in May. This was the first European country that did so. The world’s largest crypto exchange by trading volume obtained a ‘Digital Asset Service Provider (DASP)’ license after months of regulatory setbacks across the continent.

“The registration of Binance France as a DASP is a key milestone for crypto in Europe. Particularly, crypto adoption will grow in France and Europe thanks to the increased protection against AML. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular,” the CEO of Binance France, David Princay underlined at the time.

Flipside

• Germany is a member of G7. Due to the recent fall of TerraUSD, the finance ministers the most economically powerful nations in the world will be meeting this week for discussions about the regulation of cryptocurrency.

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