Binance to withdraw registration of Cypriot business arm

Steffy Bogdanova
June 15, 2023 8:36 am

CoinDesk has reported that Binance has asked to withdraw its registration as a crypto service provider in Cyprus. According to the announcement, the crypto exchange aims to focus its energy on meeting the requirements of European Union’s Markets in Crypto Assets (MiCA) legislation.

According to Cyprus Securities and Exchange Commission (CySEC), Binance is currently under examination for application for deregistration. No further information is given on the regulator’s website.

Binance spokesperson told CoinDesk:

We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months. To that end, we have made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU.

Binance obtained its Crypto Asset Services Provider (CASP) license from CySEC in October last year, which allowed the exchange to offer crypto services such as pot, custodian, staking, and card services.

The news comes a few days after the US Securities and Exchange Commission (SEC) announced filling 13 charges against Binance and its founder Changpeng “CZ” Zhao with various securities law violations, among which operating without registration and offering unregistered securities.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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