Binance Obtains Registration as Crypto Service Provider in Cyprus – According to daily trading volume, Binance is the largest cryptocurrency exchange in the world. It has regulatory approval in Cyprus. The trading platform reported on Thursday that its local affiliate, Binance Cyprus Limited, has been given Class 3 registration as a Crypto Asset Services Provider (CASP).
Binance will be able to provide spot, custodian, staking, and card services in accordance with the CYSEC’s anti-money laundering and counter-terrorist financing (AML/CTF) regulations thanks to the regulatory permission given by the Cyprus Securities and Exchange Commission (CYSEC).
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The exchange stated in a press statement that this is another significant step in its regulatory initiatives in Europe and that similar registrations for Binance’s local entities in France, Italy, and Spain have already taken place. Changpeng Zhao (CZ), the founder and CEO of Binance, had the following comment on the development: “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.”
Zhao also maintained that the future development of the cryptocurrency business depends on efficient regulation that safeguards users and encourages innovation. Martin Bruncko, Executive Vice President of Binance for Europe, described the registration as a significant development for the platform’s expansion in Europe and a demonstration of its dedication to the area. “We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” he added.
Binance said last month that it would be opening an office in Romania as part of its European growth. “We want to go global by playing locally in multiple markets,” CZ said during a visit to the capital Bucharest. “I think Eastern Europe is extremely important,” he emphasized.
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