Binance Obtains Registration as Crypto Service Provider in Cyprus

Binance Obtains Registration as a Crypto Service Provider in Cyprus – Bitcoin News Exchange

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. This news comes after the company secured similar approvals in several other European jurisdictions.

Global Exchange Binance complies with Cyprus crypto regulations

Binance, the world’s leading cryptocurrency exchange by daily trading volume, has obtained a regulatory license in Cyprus. Its local entity, Binance Cyprus Limited, has been granted Tier 3 registration as a Crypto Asset Service Provider (CASP), the trading platform announced Thursday.

Regulatory approval issued by the Cyprus Securities and Exchange Commission (CYSECBinance will allow the provision of instant services, custodians, stakes and cards, in compliance with CYSEC requirements for combating money laundering and terrorist financing (AML/CTF).

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

Binance has some of the most comprehensive AML/CFT compliance policies in the industry. This is attested by the recognition of our efforts to be at the forefront of compliance that our registration in Cyprus represents.

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

Executive Vice President Europe, Martin Bronco, described the registration as an important step in the European growth of the platform and a sign of commitment to the region. “We are looking forward to building our local team in Cyprus and helping develop the local crypto system,” he added.

As part of its European expansion, last month Binance announce It opens an office in Romania. “We want to go global by playing locally in multiple markets,” Czechoslovakia said during a visit to the capital Bucharest. “I think Eastern Europe is very important,” he stressed.

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

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are other sources of inspiration.

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