As MiCA approaches, Binance withdraws from Cyprus

Binance has requested the cancellation of his Cypriot subsidiary registered as crypto service provider in the country. A decision designed to prepare for the arrival of European MiCA regulationaccording to exchange.

The number 1 in crypto-trading has filed an application with the regulator CySEC to deregister its subsidiary Binance Cyprus Limited of the Cyprus Register of Crypto Asset Service Providers, reported on Wednesday. Reuters.

A Binance spokesman said the decision was intended to prepare the company for “full MiCA compliance”. The European regulatory framework on crypto should come into force at the end of 2024.

We have taken the decision to withdraw our efforts in Cyprus to focus our efforts on fewer regulated entities in the EU, particularly our larger registered markets where we already have a mature footprint,” the Binance representative said.

The crypto exchange run by CZ has crypto records in several European countries, including France and Spain.

Earlier this month, the US regulator SEC filed a complaint against Binance for, among other things, violating securities law.

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