Solarisbank Lends A Helping Hand
Banking-as-a-service provided by Solari’s fintech is assisting Binance in winning over regulators in Germany in the country. Solarisbank is contributing to an international effort to convince various regulatory bodies.
According to the Chief Executive Officer of Solarisbank, the financial technology company’s partnership with Binance dates back quite some time. He mentioned the fact that they also make a Know Your Customer service available to Binance in Germany.
Folz mentioned that Solarisbank had partnered with Binance to become fully licensed by BaFin during a meeting of Finance FWD that took place in Hamburg.
Binance is working toward becoming licensed by each of the various regulations that are in place in Europe. Recently, it expanded its operations to France after investing approximately 100 million Euros to get the crypto ecosystem in that country off the ground.
Fintech companies such as Solarisbank can make the process easier for cryptocurrency exchanges such as Binance by providing the latter with a fully licensed list of fintech attributes. Among these characteristics are sock investments, payment processing, and crypto asset protection.
Folz is confident that Solarisbank will be able to close the regulatory void that currently exists between various digital assets and traditional financial institutions. This is a realistic goal for fintech because it holds all of the necessary licenses to operate as a financial institution. Given the support that Binance receives from Solarisbank, he does not see any reason why the exchange should not be licensed in Germany.
He mentioned that Binance had already obtained its license in France, and he believes that the next step is to seek a license in Germany as he believes that this is the most logical next step. He is one hundred percent confident that it will end up being regulated.
Binance Obtains License In France
Binance can now function as a digital asset platform in France, it got its license from French financial regulatory bodies earlier this month. The license means Binance can allow users to carry out crypto-related transactions and also exchange coins for one another.
The move is all part of Binance’s goal to spread its influence across Europe and to place itself in what CZ referred to as the future leader of the crypto industry in Europe. Binance has wasted no time as they already have 50 employees working in the country.