Binance’s subsidiary, Binance Cyprus Limited, has gained a Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commision (CySEC).
According to the official announcement, the registration was granted on 20 October.
Martin Bruncko, Executive Vice President Europe of Binance, commented:
Martin Bruncko
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.
Under the new CASP license, Binance can offer crypto services such as pot, custodian, staking, and card services.
The CySEC authorisation follows similar registrations in Europe for Binance including in France, Italy and Spain. The crypto exchange also expanded its presence in the Middle East with registrations in Abu Dhabi, Dubai, and Kazakhstan.
Changpeng Zhao (CZ), founder and CEO of Binance, said:
Changpeng Zhao Source: LinkedIn
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 testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.
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.
