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Binance gains regulatory approval to operate in Cyprus

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Binance gains regulatory approval to operate in Cyprus

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Binance received licence to operate in Cyprus, a few weeks after it gained similar approvals in Kazakstan and New Zealand.

Binance, the world’s leading cryptocurrency, announced in a blog post on Thursday, that it has gained the necessary approval to operate in Cyprus.

The crypto exchange said it had been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commision (CySEC).

Thanks to this latest cryptocurrency news, Binance is now free to offer services, including spot, custodian, staking and card services in Cyprus.

However, Binance said it would offer these services in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

The crypto exchange said its Binance Cyprus Limited was granted registration by CySEC on October 20, 2022.

Binance added that CySEC is also tasked with regulating anti-money laundering and counter-terrorist financing (AML/CFT) activities for cryptocurrency asset operations going on in the country. 

While commenting on this latest development, Changpeng Zhao (CZ), founder and CEO of Binance, said;

“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 a testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”

Martin Bruncko, Executive Vice President Europe of Binance, also stated that;

“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.”

This latest development comes barely two weeks after Binance received its licence to operate in Kazakhstan. 

Late last month, the cryptocurrency exchange also regulatory approval to enter the New Zealand market. 

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