Leading cryptocurrency exchange Binance has lodged an application to cancel its registration in Cyprus, with the website of the Cyprus Securities and Exchange Commission verifying a pending “application for deregistration” of Binance Cyprus.
The Binance subsidiary in the country secured regulatory approval in October 2022. In a statement, a Binance spokesperson outlined the company’s efforts to align its operations with the Markets in Crypto Assets (MiCA) regulations slated to be enforced within the next 18 months.
The focus, they explained, would now shift to advancing their reach in prominent European markets where the firm has already established a robust presence, such as France, Italy, and Spain.
Binance Cyprus held a Class 3 registration as a Crypto Asset Services Provider (CASP) authorized by the Cyprus SEC. This allowed the company to render a range of services including spot transactions, custodianship, staking, and card services, while adhering to the strict anti-money laundering and counter-terrorism financing rules imposed by the regulator.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/15/
