The application for a cryptocurrency custody license by Binance, one of the largest crypto exchanges, has been denied by German regulator BaFin, according to reports from Finance Forward. It is unclear whether this denial is a formal decision from BaFin or simply an expression of intention during ongoing discussions. A spokesperson from Binance stated that while they are unable to provide specific details, they are actively working to meet BaFin’s requirements and are confident in their ability to continue discussions with German regulators. BaFin has refrained from commenting on individual companies, citing professional secrecy obligations in Germany.