Binance Has Been Granted Permission To Conduct Business As A Cryptocurrency Exchange In Cyprus

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Last Updated on October 21, 2022 by Bitfinsider

In a blog post published on Thursday, the most important cryptocurrency exchange in the world, Binance, revealed that it had successfully obtained the required authorization to conduct business in Cyprus.

The cryptocurrency trading platform announced that it had been given Class 3 registration as a Crypto Asset Services Provider (CASP) by the Cyprus Securities and Exchange Commission. Cyprus Securities and Exchange Commission.

Binance is now able to offer services in Cyprus, including spot, custodian, staking, and card services, as a result of the most recent cryptocurrency-related piece of news.

Binance, on the other hand, has stated that it will provide these services in a manner that is compliant with the requirements of the anti-money laundering and counter-terrorist financing (AML/CTF) rules imposed by the CySEC.

The cryptocurrency exchange reported that on October 20, 2022, CySEC approved registration for its Binance Cyprus Limited subsidiary.

Binance stated that CySEC is also responsible for regulating activities related to anti-money laundering and countering the financing of terrorist organizations (AML/CFT) for cryptocurrency asset operations that are taking place in the country.

Changpeng Zhao (CZ), founder and CEO of Binance, made the following statement while providing his commentary on this most recent development:

Binance is known throughout the industry for having some of the most stringent AML and CTF compliance policies. Recognition of the efforts that we have made to be on the leading edge of compliance; our registration in Cyprus represents this; a testament to the fact that we have made these efforts. It is essential to the continued growth of our industry that we have regulations in place that are both effective at protecting users and stimulating innovation.

Binance’s Executive Vice President of Europe, Martin Bruncko, was quoted as saying that, as well.

“The registration of our company in Cyprus is a significant step in our expansion throughout Europe and is yet another indication of our dedication to the region. We are excited to expand our local team in Cyprus and look forward to playing a role in the continued growth of the country’s cryptocurrency ecosystem.

This most recent turn of events takes place just over two weeks after Binance was granted a license to conduct business in Kazakhstan.

At the end of the previous month, the cryptocurrency exchange received regulatory approval to participate in the New Zealand market.

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