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.
- Binance will henceforth be required to follow CySEC’s anti-money laundering and counter-terrorism financing rules.
- Along with Binance’s operations in France, Spain, and Italy, this latest provision of regulatory approval further solidifies its position as a leading cryptocurrency player in Europe.
- Binance’s CEO has called for coordination between cryptocurrency firms and regulators.
Binance has recorded another landmark achievement in its quest to expand across Europe following the approval of Class 3 registration for Binance Cyrus Limited.
#Binance gains Crypto Asset Service Provider registration in Cyprus.https://t.co/420bMmiJ5U
— CZ Binance (@cz_binance) October 20, 2022
According to an official blog post, the cryptocurrency exchange disclosed that the Cyprus Securities and Exchange Commission (CySEC) has registered Binance’s Cyprus branch as a Crypto Asset Services Provider (CASP). Following the regulatory approval, Binance Cyprus Limited will be enabled to offer cryptocurrency spot custodian, card, and staking services.
In addition to overseeing the licensing of traditional financial institutions within Cyprus’s borders, CySEC regulates cryptocurrency firms operating in regards to money laundering and counter-terrorist financing (AML/CFT) legislation.
Following its approval, the exchange must henceforth operate in compliance with the stipulations of regulatory authorities in the country. More specifically, Binance will be required to follow CySEC’s aforementioned anti-money laundering and counter-terrorism financing regulations.
The license further cements Binance’s status as a leading force in the expansion of cryptocurrency activities around the globe. This latest development provides Binance with a strong foundation in Europe, with the prominent cryptocurrency exchange having already gained approval to provide services in France, Spain, and Italy.
The Call for Collaboration Between Regulators and Cryptocurrency Firms
Binance’s Founder and CEO Changpeng “CZ” Zhao reacted to the development, heaping praise on the achievement, and considers it to be “another milestone in Binance’s regulatory efforts in Europe.”
“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,” Zhao said. “Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”
CZ further asserted that Binance maintains some of the most stringent AML and CTF policies in the industry.
The Binance CEO has called for cooperation between cryptocurrency firms and regulators, and believes that healthy regulations, along with strict compliance, will go a long way in supporting the growth of the industry and protecting investors.
On the Flipside
- Rival exchange Crypto.com was also granted regulatory approval in France and Cyprus not long ago. It will be interesting to see how the popular exchanges compete for slices of the European market share pie.
Why You Should Care
Cyprus is a high-income economic region, as classified by the World Bank. With its recent regulatory approval, more people are likely to be exposed to cryptocurrency, which could serve to improve liquidity for the exchange.
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Read more: https://dailycoin.com/cyprus-becomes-binances-fourth-european-country-with-regulatory-approval/
Text source: DailyCoin.com
