Cryptocurrency exchange platform Binance has partnered with a German brokerage firm CM-Equity to expand in Europe. The Binance-CM-Equity partnership will enable the exchange to enter German markets, expanding its European presence.
CM-Equity provides financial asset management and brokerage services including cryptocurrencies. Through this partnership, finance will be able to broaden services in Europe while ensuring compliance with local regulations.
According to a recent German law, crypto custodians need to be licensed in order to operate in the country, The law was passed in January creating confusion among crypto custodians. Subsequently, the nation’s financial watchdog BaFin clarified the law.
With the Binance-CM-Equity partnership, German cryptocurrency traders will be able to use services offered by both firms. Through the partnership, Binance will be able to offer services in Germany within regulatory boundaries, while CM-Equity will benefit from the liquidity offered by Binance.
Binance CEO Changpeng Zhao stated that the Binance team is “looking forward to a long-term partnership with CM-Equity.”
Meanwhile, the CEO of CM-Equity Michael Kott stated that they were “thrilled to collaborate with the world’s number one.”
As of now, Binance has not revealed what additional services will be provided through its latest partnership.
Binance Malaysia operations
Binance’s Malaysia operations were recently classified as unauthorized by the Securities Commission of Malaysia.
The exchange has been added to the country’s unauthorized entities list as the exchange does not have the authentication to run trading operations in the country. According to the current law, a crypto exchange needs to be registered under the Digital Assets Exchanges category with the SC to operate in the country.
As of now, Binance has made no statements regarding the situation.