Crypto-currency exchange Binance will be able to offer services for digital assets in Cyprus, as the platform is now registered with the country’s securities regulator. The news comes after the company obtained similar approvals in several other European jurisdictions.
Global exchange Binance complies with Cypriot cryptocurrency regulations
Binance, the world’s leading crypto exchange by daily trading volume, has received regulatory approval in Cyprus. Its local entity, Binance Cyprus Limited, has been granted a Class 3 registration as a Crypto Asset Services Provider (CASP), the exchange platform announced Thursday.
The regulatory authorization issued by the Cyprus Securities and Exchange Commission (CYSEC) will allow Binance to offer cash, deposit, staking and card services in compliance with CYSEC’s anti-money laundering and counter-terrorism financing (AML/CTF) requirements.
In a press release, the exchange noted that this is another important step in its regulatory efforts in Europe and that it is following similar registrations for Binance’s local entities in France, Italy and Spain. Commenting on the development, Binance founder and CEO Changpeng Zhao (CZ) said:
Binance has some of the most comprehensive anti-money laundering and anti-terrorist financing compliance policies in the industry. The recognition of our efforts to be at the forefront of compliance that our registration in Cyprus represents is proof of this.
Zhao also emphasized that effective regulation that protects users and spurs innovation is critical to the continued growth of the crypto industry.
Martin Bruncko, Binance’s executive vice president for Europe, described the registration as an important step in the platform’s European growth and a sign of commitment to the region. “We look forward to growing our local team in Cyprus and contributing to the development of the local crypto ecosystem“, he added.
As part of its European expansion, Binance last month announced the opening of an office in Romania. “We want to go global by playing locally in multiple markets“, said CZ during a visit to the capital Bucharest. “I think that Eastern Europe is extremely important“, he stressed.