Binance, a cryptocurrency exchange, improved its legal standing after receiving a new registration from the Cyprus Securities and Exchange Commission (CySEC). The reputable local Binance Cyprus Limited was given the Class 3 registration as a Crypto Asset Services Provider (CASP) on October 20.
Martin Bruncko, executive vice president of Europe at Binance, noted:
“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” Binance is now authorized to provide a variety of cryptocurrency options, comprising trading, custodians, stake, and card services.
“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” the executive VP added.
About Binance and Cyprus
In terms of trade volume, Binance is the biggest cryptocurrency exchange in the world. It built its hegemony without requesting the appropriate regulatory approval. But a variety of governmental responses against the exchange pushed it to alter its approach and apply for licenses.
Aside from the most recent Cyprus license, Binance has regulatory approvals from France, Italy, and Spain in Europe only. With permits in Abu Dhabi, Dubai, and Bahrain, it also increased its controlled presence in the region. In addition to being a favorite among FX and CFD brokers, Cyprus is now luring cryptocurrency trading with its transparent regulations. Earlier, Binance's rivals FTX and Crypto.com also acquired the Cypriot license.
Changpeng Zhao, the founder and CEO of Binance, made a point of saying:
“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.”
Dr. George Theocharides, the chair of CySEC, has warned individual investors about the dangers of investing in cryptocurrencies. Additionally, he said that crypto rules are “urgently needed” and listed the advantages that the proposed Eu Directives on Markets in Crypto-Assets (MiCA).
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