Binance is currently receiving support from Solarisbank to become fully authorized in Germany
Solarisbank bank says it’s helping Binance achieve regulated status in Germany as the crypto exchange woos regulators globally.
Solarisbank’s connection with Binance began a year and a half ago, according to CEO Roland Folz in an interview with The Block. It presently offers KYC services in Germany and a card offering throughout Europe.
Solarisbank is working with Binance to become fully authorized by BaFin, the German financial regulator, according to Folz, who spoke at the Finance FWD conference in Hamburg last week.
Binance, like many other crypto exchanges, is working to gain regulatory approval across Europe, and it just received regulated status in France after investing €100 million in the country’s startup environment. Banking-as-a-service Fintech organizations like Solarisbank can make this process easier by providing fully regulated fintech capabilities like payments, stock investing, and cryptocurrency custody to exchanges.
Solarisbank’s standing as a fully regulated financial institution, according to Folz, may help construct a bridge between digital assets and regulators, and he sees no reason why Binance won’t follow suit.
“They’ve just gotten their first license in France,” he said. “So I think the logical next step would be a Germany and I’m sure that’s what’s going to happen.”
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