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 secured similar approvals in several other European jurisdictions.
Global Exchange Binance Will Comply With Cyprus Crypto Regulations
Binance, the world’s leading crypto exchange by daily trading volume, has received regulatory clearance in Cyprus. Its local entity, Binance Cyprus Limited, has obtained Class 3 registration as a Crypto Asset Service Provider (CASP), the trading platform announced on Thursday.
Regulatory approval issued by the Cyprus Securities and Exchange Commission (CYSEC) will enable Binance to offer cash, custodial, staking, and card services in accordance with CYSEC Anti-Money Laundering and Anti-Terrorist Financing (AML/CTF) requirements.
In a press release, the exchange noted that this is another step in its regulatory efforts in Europe and follows similar registrations for local Binance entities in France, Italy, and Spain. Commenting on the development, Binance Founder and CEO Changpeng Zhao (CZ) said:
Binance has some of the most comprehensive AML and CTF compliance policies in the industry. The recognition of our efforts to be at the forefront of compliance represented by our registration in Cyprus is testimony to this.
Zhao also insisted that effective regulation that protects users and drives innovation is key to the continued growth of the crypto industry.
Binance Executive Vice President for Europe Martin Bruncko described the registration as a milestone in the platform’s European growth and a sign of commitment to the region. “We look forward to building our local team in Cyprus and helping grow the local crypto ecosystem,” he added.
As part of its European expansion, last month Binance announcement he opens 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 said.
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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