Soon the end of Binance in Europe?

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8:00 a.m. 3 min read by Eddy S.

The crypto exchange giant seemed well on its way to conquering the world. However, life can be unpredictable and not everything goes as planned. Launched in the conquest of Europe, the dream of Binance could soon come to an end. Between galleys and attacks, what future for the platform?

Binance in Europe, as many problems as stars in the sky!

Since the fall of FTX, Binance has been constantly trying to demonstrate its supremacy in the cryptocurrency sector. Known as the largest crypto exchange, one might think that Binance has nothing left to prove, but that’s without counting on the excessive ambition of its founder.

Except that Lexchange, which wanted to extend its services ever further, encounters many problems in the Old Continent. The cryptocurrency exchange recently announced that it was about to leave the Netherlands after its failure with the country’s Central Bank.

Without a license, it is impossible to continue operations. As a result, it advised its users to withdraw their funds as they will no longer be able to trade by July 17. In addition, Binance seems to be in the same position in several countries in Europe, namely France, Belgium and Germany. Between the investigations and the license refusals, one wonders why such relentlessness?

Repression of the platform or cryptos in general?

Given all the difficulties that Binance is currently going through, you would think that the regulators have a grudge against the exchange. However, it might not be the platform, but the cryptocurrency industry in general that is scary. In France, for example, prosecutors are investigating the company’s activities and its fight against money laundering.

The fact is that digital assets, although beneficial, attract attention because of its volatility. While Binance has always recovered from the hard times, its presence in Europe may not be relevant anymore, especially since Paysafe, its euro banking partner, has announced that the collaboration will end after September 25th.

Binance’s journey in Europe is seriously marred by all of the platform’s failures. Between the problems of Binance US, those in Europe and Nigeria, one wonders if instead of the end on the continent, it would not be the end for the company of Changpeng Zhao.

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Eddie S.

The world is changing and adaptation is the best weapon to survive in this undulating universe. Basic crypto community manager, I’m interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and to make known a field that fascinates me, nothing better than to write informative and relaxed articles at the same time.

DISCLAIMER

The comments and opinions expressed in this article are the sole responsibility of their author, and should not be considered as investment advice. Do your own research before making any investment decision.

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