21.10.2022
Cryptocurrency exchange Binance on Friday announced that Binance Cyprus Limited has received Class 3 registration as a Crypto Asset Service Provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC).
This registration will allow Binance to offer services, including spot, escrow, staking, and card services, in accordance with CySEC anti-money laundering and counter-terrorist financing (AML/CTF) regulations.
“Binance Cyprus Limited was officially registered by CySEC on October 20, 2022,” the company said in a statement. Binance noted that in addition to granting licenses to traditional financial institutions, CySEC is the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) supervisory authority for crypto asset transactions conducted in or out of Cyprus, carefully assessing AML and Know Your Customer processes.
“This is another milestone in Binance’s regulatory efforts in Europe and follows similar registrations by local Binance entities in France, Italy, and Spain,” Binance said.
Changpeng Zhao (CZ), Founder and CEO of Binance, said that “Binance has one of the most rigorous AML and CTF compliance policies in the industry.
“Recognizing the efforts we have made to be at the forefront of compliance that our registration in Cyprus represents is a testament to this,” he added, noting that effective regulation that protects users and encourages innovation is essential to continue growth of the crypto industry.
Meanwhile, Martin Brunco, Binance’s EVP of Europe, stated that “registration in Cyprus is an important step in our European growth and another sign of our commitment to the region.”
“We are looking forward to building our local team in Cyprus and helping to grow the local crypto ecosystem,” Brunko added.
Binance is the largest exchange in the world in terms of daily cryptocurrency trading volume.
