Cyprus calls for collective crackdown on crypto terror financing

The alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime.

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Trading 212 Gains Crypto License in Cyprus

Trading 212, a popular brand offering cash equities and contracts for differences (CFDs), has secured a crypto asset service provider (CASP) license from the regulator in Cyprus.

A License to Offer Crypto in Europe

According to the registry of the Cyprus Securities and Exchange Commission (CySEC), the CASP license was awarded to a local entity named Trading 212 Crypto Ltd on 20 May 2024. The newly formed entity is separate from Trading 212 Markets Ltd, which holds a Cyprus Investment Firm (CIF) license.

Under the license, the Trading 212 brand can offer exchanges between crypto assets and fiat currencies, along with custodial services for cryptocurrencies. However, it is unclear how the company will use the authorisation. Trading 212 is yet to announce anything about its plans around cryptocurrencies.

A Major Retail Trading Brand

Trading 212, established in Bulgaria in 2004 as Avus Capital and incorporated in the UK in 2013, primarily focuses on the UK and the European Union. It generates revenue from three entities: one in the UK and two in Cyprus and Bulgaria, respectively. Now, it has another Cypriot entity under which it can offer crypto services. It closed down a German entity in 2022 and migrated the clients' funds to the UK and the Cypriot entity.

The UK unit of the brokerage reported a 3 percent revenue decline to £95.3 million in 2023, while the pre-tax profits dropped by 28 percent to £38.6 million. The European revenue-generating entities are yet to publish their figures for 2023; however, the non-UK entities generated annual revenue of £16.2 million in 2022, dropping from £44 million in the previous year.

Although Trading 212's offerings have long remained CFDs, the brand is now shifting its focus towards stockbroking.

Meanwhile, the brokerage brand has been diversifying its other offerings. Earlier this year, it launched multi-currency payment cards for its customers in the United Kingdom, with plans to expand to Europe as well.

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FTX EU launches withdrawal website to pay back European users

FTX EU was only approved by the Cyprus regulator in March, 2022, about seven months before FTX collapsed in November.

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Bybit Expands Global Presence With Cyprus Crypto License

Bybit, the third biggest crypto exchange in the world, is expanding its global presence. Today, the exchange announced that it has been granted a license to operate a cryptocurrency exchange in Cyprus and provide custody services for digital assets.  Expanding The Crypto Exchange’s Global Footprint Bybit obtaining a license to operate in Cyprus is a [...]

The post Bybit Expands Global Presence With Cyprus Crypto License appeared first on Crypto Breaking News.

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Bybit Strengthens Regulation with New Cyprus License

Bybit, a cryptocurrency exchange, has obtained a new license from the Cyprus Securities and Exchange Commission (CySEC) that will allow it to operate as a crypto exchange and provide custody services.

Bybit Gains CySEC License

According to the regulator's registry, the license was awarded to UAB Onlychain Fintech Limited, a Lithuanian company, on May 2023.

Officially announced today (Monday), the new license will allow Bybit to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions.

"At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom," said Bybit's Co-Founder and CEO, Ben Zhou.

"This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus."

Crypto Firms Are Focused on Regulations

The Cypriot license arrived less than a month after Bybit received 'in-principle' approval from the regulator in Kazakhstan to operate in the country. Earlier this year, Bybit opened its headquarters in Dubai, where it received an 'in-principal' approval for a cryptocurrency license.

Initially, Bybit was established as a crypto derivatives exchange. However, it expanded its services by adding spot trading in 2021 and added options trading last year. It has become one of the top venues for sport and derivatives crypto exchange, according to Coinmarketcap.

Although Bybit is pushing to become a regulated crypto exchange venue, it is facing backlash in some jurisdictions. Bybit is one of the many names that shuttered operations in Canada due to the country's stringent rules around crypto. Regulators in Spain and Japan also warned against Bybit, calling it an illegal crypto exchange, Finance Magnates reported. It also exited the United Kingdom.

While several top crypto exchanges made Cyprus their European base, some top ones are now evaluating their options. Binance recently announced its decision to deregister its Cyprus entity. On top of that, the EU arm of FTX was regulated in Cyprus. However, its license was suspended following the fiasco when FTX's operations blew out.

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Crypto adoption in Cyprus beefed up by ByBit license approval

Crypto exchange Bybit revealed it has acquired a license to operate as an exchange and custody service in Cyprus. The world’s third most visited crypto exchange will begin offering trading between crypto and fiat currency pairs, and crypto-related financial services. Cyprus is the third most populous island in the Mediterranean Sea, with a population of [...]

The post Crypto adoption in Cyprus beefed up by ByBit license approval appeared first on Crypto Breaking News.

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Cyprus Becomes Binance’s Fourth European Country to Grant Regulatory Approval

CySEC has registered Binance's Cyprus branch as a Crypto Asset Service, granting it regulatory approval.

Continue reading Cyprus Becomes Binance’s Fourth European Country to Grant Regulatory Approval at DailyCoin.com.

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Binance Gains Crypto License in Cyprus

<p>Crypto exchange Binance further strengthened its regulatory position with a new license from Cyprus Securities and Exchange Commission (<a href="https://www.financemagnates.com/tag/cysec/" target="_blank">CySEC</a>). The Class 3 registration as a Crypto Asset Services Provider (CASP) has been granted to the locally formed Binance Cyprus Limited on October 20.</p><p>“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. </p><p>Under the new license, <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a> can offer a wide range of crypto offerings, including spot, custodian, <a href="https://www.financemagnates.com/terms/s/staking/" target="_blank" id="ebfdd4d9-00b3-41ff-bff5-878cd2eb105f_1" class="terms__secondary-term">staking</a>, and card services.</p><p>“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” Bruncko added.</p><p>Regulation Is Priority</p><p>Binance is the largest global <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a> in terms of the trading volume. It established its dominance without obtaining any proper regulatory permission. However, an array of regulatory backlash against the exchange forced it to change its strategy and seek licenses.</p><p>In Europe alone, Binance obtained regulatory permissions in France, Italy, and Spain, apart from the latest Cyprus license. It also expanded its regulated presence in the Middle East with permissions in <a href="https://www.financemagnates.com/cryptocurrency/news/binance-strengthens-middle-east-presence-with-new-dubai-license/" target="_blank">Abu Dhabi</a>, Dubai, and Bahrain.</p><p>Cyprus, which is already a favorite to forex and CFDs brokers, is now attracting cryptocurrency exchanges with its clear guidelines. Earlier, <a href="https://www.financemagnates.com/cryptocurrency/news/ftx-gains-cysec-license-to-offer-regulated-crypto-products-in-europe/" target="_blank">FTX</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/binance-strengthens-middle-east-presence-with-new-dubai-license/" target="_blank">Crypto.com</a>, two competitors of Binance, also received the Cypriot license.</p><p>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.”</p><p>Meanwhile, CySEC’s Chair, Dr. George Theocharides, recently alarmed retail investors against the <a href="https://www.financemagnates.com/cryptocurrency/cysec-chair-warns-against-crypto-investment-risks-endorses-mica/" target="_blank">risks of crypto investments</a>. He also advocated for the 'urgent need' for crypto regulations and counted the benefits of the proposed EU Regulation on Markets in Crypto-Assets (MiCA).</p> This article was written by Arnab Shome at www.financemagnates.com.

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British fintech firm granted crypto license in Cyprus

Revolut, a British Fintech firm, has obtained a regulatory license to extend its services to Cyprus. The firm announced the development in a release on [...]

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Revolut Wins Approval To Offer Bitcoin, Crypto To 17 Million European Users: Report

The digital bank will continue serving its current 20 million users while giving access to bitcoin and crypto services to 17 million users across the EEA.

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Cyprus Outlines Crypto Regulations, and Welcomes Careful Use

Cyprus might pass a national crypto bill before the EU finishes their legal framework.

Continue reading Cyprus Outlines Crypto Regulations, and Welcomes Careful Use at DailyCoin.com.

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FTX Gains CySEC License to Offer Regulated Crypto Products in Europe

Crypto exchange giant, FTX has expanded its footprint in Europe with the establishment of a new entity and obtaining a regulatory license from the Cyprus Securities and Exchange Commission (CySEC).

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Cyprus’ finance ministry recommends ‘capacity building’ for crypto

Cyprus’s finance ministry stressed the need to accelerate its capacity building for the crypto industry.

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Binance Pulls Out of Netherlands, Seeks to Deregister Cyprus Unit

The world’s largest crypto exchange, Binance, said it’s exiting the Dutch market as it has been unable to obtain registration as a crypto service provider. The news comes after Binance’s entity in Cyprus applied to be removed from the country’s register of digital asset service providers. Binance Leaves the Netherlands and Cyprus to Focus on

The post Binance Pulls Out of Netherlands, Seeks to Deregister Cyprus Unit appeared first on BTC Ethereum Crypto Currency Blog.

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Binance Pulls Out Of EU Crypto Hub Amid SEC Crackdown: What’s Next?

Binance withdraws the registration as a crypto service provider in Cyprus, but not without a twist.

Continue reading at DailyCoin.

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Binance Seeks to Deregister Cypriot Subsidiary

Cryptocurrency exchange Binance, which obtained its 7th regulatory license in the European Union region in January, has applied for the deregistration of its local unit in Cyprus. The exchange gained a Cypriot license to operate as a crypto asset services provider in October last year.

“Binance Cyprus Limited under examination for application for deregistration,” Binance’s profile on the website of the Cyprus Securities and Exchange Commission (CySEC) currently reads. However, the Cypriot watchdog did not state why the exchange is seeking to withdraw its local unit in the island country.

The move to pull away from Cyprus comes as Binance and rival Coinbase face regulatory scrutiny in the United States. Earlier in the month, the US Securities and Exchange Commission (SEC) sued Binance and Changpeng Zhao, its CEO, alleging that the exchange and its chief operated crypto exchanges (Binance.com and Binance.US) and offering unregistered securities.

Binance Prepares for MiCA

While CySEC did not explain why Binance was leaving the jurisdiction on its website, a Binance spokesperson told CoinDesk the exchange decided to pull the plug on its services in the country in order to focus its efforts on its “fewer regulated entities in the EU.”

The cryptocurrency exchange further explained that it was preparing its business to be compliant with the landmark crypto rules, Markets in Crypto Assets (MiCA), which was recently ratified by the two legislative bodies of the European Union. The law is expected to go live sometime in 2024.

MiCA has been described as the world’s first comprehensive crypto law. The regulation seeks to protect European consumers, enshrine environmental sustainability and prevent money laundering in the crypto industry.

When it comes into force next year, MiCA will require digital asset exchanges and crypto wallet providers to obtain a license to operate within any country in the European Union region. It will also require stablecoin issuers to hold sufficient reserves.

Where Does Binance Stand?

Meanwhile, as the SEC's case against Binance continues in the United States, the cryptocurrency exchange is making efforts to keep the operations of its local unit in the country from crumbling. However, the exchange excited Canada last month, blaming the country's requirements around stablecoins and investor limits.

On the contrary, Binance re-entered the Japanese crypto market in May despite its rivals’ retreat from the country. This is even as the exchange disclosed plans to move its Japan-based customers to its new locally compliant platform by year-end.

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Binance applies to deregister in Cyprus, says focus is on ‘larger markets’

Binance appears to be preparing to exit Cyprus. The Cyprus Securities and Exchange Commission has marked Binance Cyprus Limited as “Under examination for application for deregistration” on its website.  Previously, the cryptocurrency exchange received Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus in October. At that time, Binance called the registration [...]

The post Binance applies to deregister in Cyprus, says focus is on ‘larger markets’ appeared first on Crypto Breaking News.

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The post Binance exits Cyprus to focus on larger EU markets amid regulatory hurdles appeared first on CryptoSlate.

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Cyprus freezes crypto applications ahead of EU-wide MiCA transition

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