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Binance Obtains Registration as Crypto Service Provider in Cyprus

Binance Obtains Registration as Crypto Service Provider in Cyprus

Cryptocurrency exchange Binance will be able to offer services for digital assets in Cyprus as the platform is now registered with the country’s securities regulator. The news comes after the company obtained similar approvals in several other European jurisdictions.

Global Exchange Binance to Comply With Cyprus Crypto Regulations

Binance, the world’s leading crypto exchange in terms of daily trading volume, has received regulatory authorization in Cyprus. Its local entity, Binance Cyprus Limited, was granted Class 3 registration as a Crypto Asset Services Provider (CASP), the trading platform announced Thursday.

The regulatory approval issued by the Cyprus Securities and Exchange Commission (CYSEC) will allow Binance to offer spot, custodian, staking, and card services, in compliance with the CYSEC’s anti-money laundering and counter-terrorist financing (AML/CTF) requirements.

In a press release, the exchange noted that this is another milestone in its regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain. Commenting on the development, Binance founder and CEO Changpeng Zhao (CZ) stated:

Binance has some of the most thorough AML and CTF compliance policies in the industry. Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that.

Zhao also insisted that effective regulation that protects users and stimulates innovation is essential to the continued growth of the crypto industry.

Binance’s Executive Vice President Europe Martin Bruncko described the registration as an important step in the platform’s European growth and a sign of commitment to the region. “We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” he added.

As part of its European expansion, last month Binance announced it’s opening an office in Romania. “We want to go global by playing locally in multiple markets,” CZ said during a visit to the capital Bucharest. “I think Eastern Europe is extremely important,” he emphasized.

Do you expect Binance to seek and obtain regulatory approvals in other European jurisdictions? Let us know in the comments section below.

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Author: Lubomir Tassev

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