Solarisbank says it's helping Binance to become regulated in Germany
Quick Take
- The banking-as-a-service fintech firm says that part of its collaboration with Binance involves helping the cryptocurrency exchange become regulated in Germany.
- In an interview with The Block, Solarisbank CEO Roland Folz said that there’s no reason why Binance can’t become regulated in Europe’s biggest economy.
Banking-as-a-service fintech Solarisbank says it's helping Binance achieve regulated status in Germany as the crypto exchange woos regulators globally.
In an interview with The Block, CEO Roland Folz said Solarisbank's relationship with Binance began a year and a half ago and it currently provides the exchange with know-your-customer (KYC) services in Germany and a card offering in Europe.
Speaking at the Finance FWD conference in Hamburg last week, Folz also confirmed that Solarisbank is working with Binance so it can become fully regulated by BaFin, the German financial regulator.
Like many crypto exchanges, Binance is on a push to win over regulators across Europe and recently achieved regulated status in France after committing €100 million to the country's startup ecosystem. Banking-as-a-service fintech firms like Solarisbank can simplify this process by offering exchanges a fully regulated plethora of fintech features such as payments, stock investment and cryptocurrency custody.
Folz believes that Solarisbank's status as a fully regulated financial institution can help build the bridge between digital assets and regulators — and he sees no reason why Binance won't become regulated in Germany.
"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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