Binance Gains Crypto License in Cyprus

Friday, 21/10/2022 | 05:32 GMT by Arnab Shome
  • The exchange now holds multiple licenses within the EU.
  • Other top crypto exchanges, FTX and Crypto.com, also gained CySEC’s approval.
Binance

Crypto exchange Binance has further strengthened its regulatory position with a new license from Cyprus Securities and Exchange Commission (CySEC). The Class 3 registration as a Crypto Asset Services Provider (CASP) was granted to the locally formed Binance Cyprus Limited on October 20.

“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” said Binance’s Executive Vice President of Europe, Martin Bruncko.

Under the new license, Binance can offer a wide range of crypto offerings, including spot, custodian, staking and card services.

“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” Bruncko added.

Regulation Is Priority

Binance is the largest global cryptocurrency exchange in terms of trading volume. It has established its dominance without obtaining any proper regulatory permission. However, an array of regulatory backlash against the exchange has forced it to change its strategy and seek licenses.

In Europe alone, Binance obtained regulatory permissions in France, Italy and Spain, apart from the latest Cyprus license. In addition, it has expanded its regulated presence in the Middle East with permissions in Abu Dhabi, Dubai and Bahrain.

Cyprus, which is already a favorite to forex and CFDs brokers, is now attracting cryptocurrency exchanges with its clear guidelines. Earlier, FTX and Crypto.com, two competitors of Binance, also received the Cypriot license.

Binance’s Founder and CEO, Changpeng Zhao, said: “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.”

Meanwhile, CySEC’s Chair, Dr George Theocharides, recently alarmed retail investors against the risks of crypto investments. Furthermore, he advocated for the 'urgent need' for crypto regulations and counted the benefits of the proposed EU Regulation on Markets in Crypto-Assets (MiCA).

Crypto exchange Binance has further strengthened its regulatory position with a new license from Cyprus Securities and Exchange Commission (CySEC). The Class 3 registration as a Crypto Asset Services Provider (CASP) was granted to the locally formed Binance Cyprus Limited on October 20.

“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” said Binance’s Executive Vice President of Europe, Martin Bruncko.

Under the new license, Binance can offer a wide range of crypto offerings, including spot, custodian, staking and card services.

“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” Bruncko added.

Regulation Is Priority

Binance is the largest global cryptocurrency exchange in terms of trading volume. It has established its dominance without obtaining any proper regulatory permission. However, an array of regulatory backlash against the exchange has forced it to change its strategy and seek licenses.

In Europe alone, Binance obtained regulatory permissions in France, Italy and Spain, apart from the latest Cyprus license. In addition, it has expanded its regulated presence in the Middle East with permissions in Abu Dhabi, Dubai and Bahrain.

Cyprus, which is already a favorite to forex and CFDs brokers, is now attracting cryptocurrency exchanges with its clear guidelines. Earlier, FTX and Crypto.com, two competitors of Binance, also received the Cypriot license.

Binance’s Founder and CEO, Changpeng Zhao, said: “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.”

Meanwhile, CySEC’s Chair, Dr George Theocharides, recently alarmed retail investors against the risks of crypto investments. Furthermore, he advocated for the 'urgent need' for crypto regulations and counted the benefits of the proposed EU Regulation on Markets in Crypto-Assets (MiCA).

About the Author: Arnab Shome
Arnab Shome
  • 6420 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6420 Articles
  • 85 Followers

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