Finance Forward , a news publication, reported on Friday, citing sources familiar with the issue.

According to the report, it is unclear whether the BaFin’s denial was an official decision or a statement made in ongoing discussions.

While we cannot share the details of our conversations with regulators we continue to strive to meet BaFin’s demands. This is an ongoing and detailed process, as expected. Binance’s spokesperson told CoinDesk that they are confident in their team and the measures they have taken to continue discussions with German regulators.

BaFin has declined to comment on specific companies because of German professional secrecy laws.

Finance Forward reported that Binance withdrew its application for regulatory approval in Austria on June 26. After a failed registration attempt, the company decided to leave the Netherlands. The company was ordered to stop operations in Belgium. It also faces allegations by the U.S. Securities regulator over allegedly operating a trading platform that is not registered.

The company said that it was streamlining its European Strategy in preparation for EU’s new Crypto Regulation, which will enable crypto firms to operate across the entire single market if they are granted regulatory approval on one of these markets.

Binance’s spokesperson said that the company is committed to working with regulators worldwide and has also been working to ensure compliance with the EU rules for crypto-assets.

Binance’s Euro Banking Partner to Stop Supporting the Crypto Exchange in Septembre

Oliver Knight is the editor.