Binance Has Gained Approval From Cyprus Authorities: Report
- Binance aims to expand into European market and has received Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus on Oct. 20.
- The approval from Cyprus Securities and Exchange Commission (CySEC) will allow the exchange to offer services, including spot, staking, custodian, and card services to the local investors.
- The approval comes months after Binance’s rival crypto exchange FTX set up a Cypriot entity in March this year.
The world’s largest crypto exchange, Binance, is continuously expanding its presence in Europe and marked another milestone on October 20 after receiving Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus.
As per the latest announcement, the newly-obtained approval from the Cyprus Securities and Exchange Commission (CySEC) will allow the exchange to offer services, including spot, staking, custodian, and card services, to local investors in line with the requirements of the regulator’s anti-money laundering (AML) and counter-terrorist financing (CTF) laws.
In addition to issuing licenses to conventional financial institutions, CySEC also serves as the anti-money laundering and counter-terrorist financing (AML/CFT) boss for crypto-asset operations carried out in or from the island country. In this role, the regulator conducts stringent evaluations of AML and Know Your Customer (KYC) procedures.
The recent development was applauded by Binance’s founder and CEO, Changpeng Zhao, who believes that his exchange 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. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry,”
He went on to add.
The approval comes months after Binance’s rival crypto exchange FTX set up a Cypriot entity in March this year.
It is important to note that Binance is continuously intensifying its regulatory efforts in Europe and has already gained similar approvals in France, Italy, and Spain.
After receiving criticism from authorities in many nations, including the U.K., Italy, and Singapore, last year, Binance is now attempting to mend relations with regulators. CZ recently revealed his exchange’s plans to establish its European headquarters in Paris.
“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region. We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,”
Martin Bruncko, Executive Vice President Europe of Binance.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
