Binance Announces It Has Gained Regulatory Approval In Cyprus

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

Leading cryptocurrency exchange Binance has announced that it had gained regulatory approval to provide its services in Cyprus.

Binance, the world’s leading cryptocurrency, announced on Thursday that it has now gained regulatory approval to operate in Cyprus. In its blog post, Binance said it had been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commision (CySEC). 

Thanks to this latest development, Binance can now offer services, including spot, custodian, staking and card services, in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. 

The cryptocurrency exchange added that Binance Cyprus Limited was granted registration by CySEC on October 20, 2022.

Furthermore, Binance said in addition to granting licenses to traditional financial institutions, CySEC is the anti-money laundering and counter-terrorist financing (AML/CFT) supervisor for crypto-asset operations in the country. 

While commenting on this latest development, Changpeng Zhao (CZ), founder and CEO of Binance, 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 a testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”

The cryptocurrency exchange added that this latest development is another milestone in Binance’s regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain. 

Martin Bruncko, Executive Vice President of Europe of Binance, also stated that; “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.”

Binance gaining regulatory approval to operate in Cyprus comes a few weeks after it received its license to operate in Kazakhstan. Binance said it received a license from the AIFC Financial Services Authority ( AFSA ) to operate a digital asset platform and provide custodial services at the Astana International Financial Center.

Binance also gained regulatory approval to operate in New Zealand a few weeks ago as the exchange has registered with the New Zealand Ministry of Business, Innovative and Employment (MBIE).

Binance’s continued expansion and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.