Singapore Green Jet Fuel Levy on Travellers Ignites Funding Debate
Binance’s European Expansion Hindered by Regulatory Challenges
Binance, the world’s largest cryptocurrency platform, is facing hurdles in its efforts to expand in Europe. The exchange’s plan to establish a strong presence in the region coincided with a regulatory crackdown following FTX’s collapse. Binance’s share of euro-denominated crypto trading has dropped from over 30% to about 15% as the Netherlands and Belgium barred the exchange, while Germany is yet to grant it an operating license. French prosecutors are also investigating the company.
Despite these challenges, Binance is actively working to meet the requirements of new EU legislation that will govern digital-asset companies across its 27 member states. Binance had set up a regional headquarters in Paris last year with hopes of expanding across Europe. However, it faced setbacks as the Netherlands and Belgium prohibited its services, while Germany’s operating license approval is pending. French prosecutors recently conducted a search at Binance’s office, investigating money laundering controls. Binance’s share of euro-denominated crypto trading has fallen to around 15% from over 30% in January. Despite these setbacks, Binance remains committed to fulfilling the upcoming EU legislation that will regulate digital-asset companies throughout its member states.
While Binance continues to be the largest crypto platform globally, its struggles are impacting its market share. Binance’s global spot trading market share declined to 42% in June, down from its peak of 57% in February. The exchange attributes this decline, in part, to the discontinuation of zero-fee bitcoin trading. Facing regulatory challenges in Europe and ongoing legal issues in the US, Binance aims to comply with the new EU legislation and adapt to the evolving regulatory landscape.