Global Exchange Binance to Comply With Cyprus Crypto Regulations
Great news again as Binance which is the world's leading crypto exchange will be able in Cyprus as the platform is now registered with the country’s securities regulator
Binance, the world’s leading crypto exchange in terms of daily trading volume, has received regulatory authorization in Cyprus. Its local entity, Binance Cyprus Limited, was granted Class 3 registration as a Crypto Asset Services Provider (CASP), the trading platform announced Thursday.
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
Zhao also insisted that effective regulation that protects users and stimulates innovation is essential to the continued growth of the crypto industry.
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.
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