Binance gains approval in Cyprus as Crypto Asset Service Provider <br><br><br>

Binance cyprus

Binance gains approval in Cyprus as Crypto Asset Service Provider

Binance, a crypto asset giant today shared a blog post to announce that it has been given Class 3 registration by Cyprus Securities and Exchange Commission (CySEC) as a Crypto Asset Services Provider (CASP). 

Cyprus is the fourth European country where Binance receives similar registrations for its local entities in France, Italy, and Spain. 

This registration will let Binnance offer services, such as custodian, spot, staking, and card services while complying with the requirements of CySEC’s i.e. national anti-money laundering and counter-terrorist financing  (AML/CTF) rules issued by the Cyprus Securities and Exchange Commission. Binance Cyprus Limited was granted registration by CySEC on October 20, 2022

“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,” said Changpeng Zhao (CZ), founder and CEO of Binance.

Martin Bruncko, Executive Vice President of Europe of Binance, further added: “Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region. We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem.”

However, Binance is gaining more from its regulatory efforts and more national registrations around the globe. In the month of October, it received approval from New Zealand as well.