Binance acquires crypto asset service authorization in Cyprus

Binance, a well-known crypto trading platform, on 20 October 2022, announced that Binance Cyprus Limited had been permitted Class 3 registration for being a Crypto Asset Services Provider (CASP). The grant was given by Cyprus Securities and Exchange Commission (CySEC).

However, after this enrollment, Binance would offer services like staking, custodian, spot, and card services, abiding by counter-terrorist financing (AML/CTF) and CySEC’s anti-money laundering rules. CySEC not only provides licenses to financial institutions but also supervises the act of money laundering activities and terrorist financing pursuit. As per the Binance review, this is another achievement for the community putting regulatory efforts in Europe and similar registrations for the local entities in Italy, France, and Spain. 

The founder and CEO of Binance, Changpeng Zhao (CZ), said that Binance had some of the industry’s AML and CTF compliance policies. Recognition of their efforts to take place at the forefront of compliance so that their registration in Cyprus is represented as evidence. He also added that effective regulation is essential for the industry’s continuous growth to protect users and provoke further innovations.

The Executive Vice President of Europe Binance firm, Martin Bruncko, said that getting registered in Cyprus was a significant step for the growth in Europe as it is a sign of their commitment to that region. He also added that they aimed to build their local team in Cyprus to help develop the local crypto ecosystem.