Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform’s recent registration with the nation’s securities regulator. The company recently announced that it had received similar approvals in a number of other European countries.
Global Exchange Binance to Comply With Cyprus Crypto Regulations
According to daily trading volume, Binance is the largest cryptocurrency exchange in the world. It has regulatory approval in Cyprus. The trading platform reported on Thursday that its local affiliate, Binance Cyprus Limited, had been granted Class 3 registration as a Crypto Asset Services Provider (CASP).
Binance will be able to provide spot, custodian, staking, and card services in accordance with the CYSEC’s anti-money laundering and counter-terrorist financing (AML/CTF) requirements thanks to the regulatory approval given by the Cyprus Securities and Exchange Commission (CYSEC).
The exchange stated in a press release that this is another significant step in its regulatory initiatives in Europe and that similar registrations for Binance’s local entities in France, Italy, and Spain have already taken place. Changpeng Zhao (CZ), the founder and CEO of Binance, offered the following comment on the development:
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.