The world’s largest cryptocurrency exchange, Binance, may be reconsidering its expansion plans after withdrawing its application for a crypto license in Germany.

“Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly,” a Binance spokesman said on Wednesday.

“Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes,” the spokesperson added.

A lawsuit filed by the U.S. Securities and Exchange Commission accusing Binance of running a “web of deception” has put the business and its CEO Changpeng Zhao under pressure ever since last month.

The regulator’s accusations have been refuted by Binance.