coindesk.com
Binance has partnered with licensed German investment firm CM-Equity to offer crypto asset management and brokerage services in Germany and Europe.
- CM-Equity has a crypto custody license with Germany’s Financial Supervisory Authority (BaFin), allowing Binance, the largest crypto exchange by volume, to operate in the German market.
- Digital asset custodians in Germany have to be licensed, per a law passed in January 2020. Crypto firms have scrambled to understand the new mandate; BaFin offered additional clarity on the new regulations in February.
- “Depending on the residency of the user, some services were restricted and/or not marketed in certain jurisdictions,” Wei Zhou, Binance’s chief financial officer, said via email. “This partnership allows Binance to offer more services and market directly to more countries in Europe.”
- The exchange would not clarify what kind of new services it would offer with CM-Equity, saying it would announce them in the coming weeks and months.
- “Binance offers the best trading experience in the market and we are thrilled to collaborate with the world’s number one,” CM-Equity CEO Michael Kott said in a press release. “Our fully licensed digital assets platform will benefit from the best liquidity and frictionless service offered by Binance.”
Read more: Germany’s BaFin Clarifies Licensing Process for Foreign Crypto Custodians