Cyprus registers Binance as a cryptocurrency service provider.

(Photo Illustration by Avishek Das via Getty Images)

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.

Zhao also insisted that the continued development of the cryptocurrency industry depends on effective regulation that safeguards users and encourages innovation.

Martin Bruncko, Executive Vice President of Binance for Europe, described the registration as a significant development for the platform’s expansion in Europe and a demonstration of its dedication to the area. We are eager to expand our local team in Cyprus and contribute to the growth of the region’s crypto ecosystem, he continued.

Binance announced last month that it would be opening an office in Romania as part of its European expansion. During a visit to the capital Bucharest, CZ stated, “We want to go global by playing locally in multiple markets. He emphasized, “I think Eastern Europe is extremely important.