Cryptocurrency exchange Binance recently announced that it has withdrawn its registration application in Austria, citing regulatory uncertainty as the reason for the move. This marks a setback for the exchange’s efforts to expand its presence in Europe.

Binance is one of the world’s largest cryptocurrency exchanges, with a daily trading volume of over $2 billion. The exchange has been attempting to expand its operations in Europe, but has faced a number of regulatory hurdles. In Austria, the exchange had submitted an application to register with the Austrian Financial Market Authority (FMA) in January 2020.

However, the FMA has yet to issue a decision on the application, and Binance has now decided to withdraw it. The exchange cited regulatory uncertainty as the reason for the withdrawal, noting that the FMA had not provided any clarity on the regulatory framework for cryptocurrency exchanges in Austria.

The withdrawal of the application is a setback for Binance’s efforts to expand in Europe, as the exchange had hoped to use Austria as a base for its European operations. However, the exchange remains committed to expanding in Europe and is currently exploring other options.

The withdrawal of Binance’s application in Austria highlights the difficulties that cryptocurrency exchanges face when attempting to operate in Europe. Regulatory uncertainty is a major issue, as many countries have yet to provide clear guidance on how cryptocurrency exchanges should be regulated. This makes it difficult for exchanges to operate in Europe, and could limit their ability to expand in the region.

Overall, Binance’s withdrawal of its registration application in Austria is a setback for its efforts to expand in Europe. The exchange is now exploring other options, but regulatory uncertainty remains a major issue that could limit its ability to operate in the region.