Binance receives regulatory approval in Crypus

Sahana Kiran
Source – Unsplash

Expansion, exchanges, and Europe. Growth was on the cards for several exchanges this year and Europe seemed to be their desired destination. Prominent crypto exchange, Binance has been traveling all across the globe. The exchange managed to garner a thumbs-up from a slew of regulators and now the Cyprus Securities and Exchange Commission [CySEC] also welcomed the platform.

Earlier today, Binance shared a blog post and revealed that it acquired a Class 3 registration as Crypto Asset Services Provider [CASP] in Cyprus.

With this registration, Binance will now be allowed to offer a wide range of services in Cyprus. This includes spot, custodian, staking, and card services.

Speaking about the exchange’s latest move, Changpeng Zhao aka CZ the founder and CEO of Binance stated,

“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. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”

It should be noted that CySEC not only gives out licenses but also monitors and oversees anti-money laundering [AML] and counter-terrorist financing [CFT].

Is Cyprus emerging as a prominent crypto hub?

European countries have taken the front stage in the crypto market. As mentioned earlier Binance itself has managed to obtain licenses in France, Spain, and Italy. Cyprus marks the exchange’s fourth regulatory approval in Europe.

Prior to Binance, exchanges like Revolut as well as were permitted to operate and offer services in the region.

The reason behind this sudden global shift into Europe is speculated to be linked to the Markets in Crypto Assets Regulation [MiCA]. Agreed by the European Union, this framework is expected to regulate the entire continent’s crypto interest. Since regulatory clarity and adoption go hand in hand, Europe could be the next crypto destination.