Hassan Maishera
TL;DR
-
Binance has applied to deregister its local unit in Cyprus.
-
The crypto exchange has come under fire from regulators in recent months.
Binance To Deregister Its Unit In Cyprus
Cryptocurrency exchange Binance has applied to deregister its local unit in Cyprus. This latest development comes as the cryptocurrency exchange continues to face challenges with regulators in other parts of the world.
The website of the Cyprus Securities and Exchange Commission reads that; "Binance Cyprus Limited Under examination for application for deregistration."
The Binance Cyprus unit received registration from the regulator in October last year. At the moment, it remains unclear when Binance applied for deregistration and its reason for wanting to exit the Cyprus market.
This latest development comes after the cryptocurrency exchange and its US arm Binance.US were sued by the US SEC earlier this month. The SEC had accused Binance and Binance.US of violating securities laws.
Binance Cyprus currently has a Class 3 license as a Crypto Asset Services Provider (CASP) in Cyprus. The registration allows the crypto exchange to offer services, including spot, custodian, staking and card services, in compliance with the requirements of the Cyprus SEC's anti-money laundering and counter-terrorist financing (AML/CTF) rules
The deregistering of its Cyprus unit also comes a few weeks after Binance announced its exit from the Canadian market.
