Binance Gains Regulatory Approval By Cyprus SEC
Binance has announced that Binance Cyprus Limited has been granted Class 3 registration as a Crypto Asset Services Provider by Cyprus Securities and Exchange Commission (CySEC).
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This registration will allow Binance to offer services, including spot, custodian, staking and card services, in compliance with the requirements of the CySEC’s anti-money laundering and counter terrorist financing (AML/CTF) rules. Binance Cyprus Limited was granted registration by CySEC on October 20, 2022.
In addition to granting licenses to traditional financial institutions, CySEC is the anti-money laundering and counter-terrorist financing (AML/CFT) supervisor for crypto-asset operations undertaken in or from Cyprus, rigorously assessing AML and Know Your Customer processes.
This is another milestone in Binance’s regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain.
“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.”
Martin Bruncko, Executive Vice President Europe of Binance, added: “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.”
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