Binance Battles EU Regulators Over Crypto Licence

Cryptocurrency exchange Binance is attempting to maintain its presence in the European Union despite encountering regulatory hurdles. The platform's current permission to operate in the EU expires on June 30, and if no licence is secured, it will be forced to wind down its operations.

Binance has faced significant resistance from regulators in Ireland, Latvia, and Greece due to concerns over past penalties for money laundering, its complex international corporate structure, and what they perceive as a risk-taking culture. Regulators have also expressed concerns about the background of senior executives and the adequacy of the exchange's money laundering controls.

Binance has countered these concerns by asserting that it has significantly invested in compliance and now employs approximately 1,500 compliance staff. The company's founder, Changpeng Zhao, who previously pleaded guilty to breaching U.S. anti-money laundering laws, is '100% removed' from the company, according to Binance.