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Binance gains Crypto Asset Service Provider registration in Cyprus

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Leading Crypto services and exchange platform, Binance has announced that its Cyprus Division has gained a crypto asset service registration. 

The announcement, which was made via the platform’s official website blog, said Binance Cyprus Limited had been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commission (CySEC). 

Giving some insight into the registration, the Crypto Exchange giant said it would allow it to offer services that include spot, custodian, staking, and card-providing services to the people of Cyprus, all in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

The registration was granted to Binance Cyprus Limited by the CySEC on Thursday, 20th October 2022. Apart from granting access to financial institutions, the CySEC is also responsible for supervising anti-money laundering and counter-terrorist financing (AML/CFT) for crypto and digital assets and any of its operations made in or from Cyprus.  The CySEC also asses  AML and KYC processes.

Changpeng Zhao, founder, and CEO of Binance said Binance had “some of the most thorough” AML and CTF compliance policies in the entire crypto industry.  To him, being granted registration in Cyprus is a “testament” to the “efforts” the exchange platform had made to be on ”the leading edge” of compliance. 

 Speaking further, CZ expressed his belief and support for what he calls “effective regulation”,  one that “protects users’, and ‘stimulates innovation,” as it is essential for the industry’s continual growth.

Martin Bruncko, European Executive Vice-President of Binance, called the registration in Cyprus an “important step” in “European growth”, saying it was “another sign” of Binance’s commitment to the region. He also shared his hopes for the building of a ” Binance team in Cyprus”  and Binance’s desire to help “develop the  local crypto ecosystem.”

In the statement, they called the registration “another milestone” in Binance’s regulatory efforts in Europe.  The Exchange Platform has also secured similar registrations for local entities in France, Spain, and Italy. 

 

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