The world’s largest cryptocurrency exchange, Binance, has reportedly been denied a cryptocurrency custody licence by German regulator BaFin. Binance did not disclose conversation details with the regulator, but said it would continue to work to ensure compliance with the regulator’s requirements. This incident is the latest in a series of regulatory challenges Binance faces. Previously, the US Securities and Exchange Commission (SEC) lodged a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of a “deceptive” evasion of US laws. Belgium’s FSMA has recently prohibited Binance from offering virtual currency services in the country.