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 is coming after similar approvals were granted in other European countries.
Global Exchange Binance to Ensure Compliance with Cyprus Crypto Regulations
Binance, the world’s leading crypto exchange in terms of daily trading volume, has received regulatory authorization in Cyprus. The trading platform also announced that Binance Cyprus Limited was registered as a Class 3 Crypto Asset Services Provider.
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. Changpeng Zhao, Binance’s founder and CEO (CZ), commented on this development:
Binance is home to some of the best AML/CTF compliance policies. Our registration in Cyprus is a testament to the hard work we’ve put forth to ensure compliance.
Zhao also stressed that crypto industry growth is contingent on the development of effective regulations that safeguard users and encourage innovation.
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.
What do you think Binance will do to obtain approvals in European jurisdictions? Comment below.
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