Binance Cypriot Unit Requests Delisting as a Crypto Service Provider

[ad_1]

NICOSIA, June 14 (Reuters) – Binance’s Cypriot unit has applied to be removed from the Cypriot register of crypto asset service providers, the securities regulator’s website said on Wednesday, which Binance said would cause it to would allow it to focus on its largest European businesses.

It was unclear when Binance requested to unsubscribe. The exchange, the largest in the world, announced its registration with the Cyprus Securities and Exchange Commission in October 2022. A source within the regulator said on Wednesday that Binance had never launched operations in Cyprus.

Registration in Cyprus allowed Binance to offer spot trading, custody and other services in accordance with Cypriot anti-money laundering and anti-terrorist financing rules, the exchange previously reported on its website.

A Binance spokesperson said it was pulling out of Cyprus to focus more on its other companies in the European Union ahead of the rollout of the European Crypto Asset Regulation (MiCA).

“We are working hard to prepare our business to be fully compliant with MiCA when implemented within the next 18 months. To this end, we have made the decision to withdraw our efforts in Cyprus to focus our efforts on less ‘regulated entities in the EU, particularly our largest registered markets where we already have a mature footprint, including France, Italy and Spain,’ the spokesperson said.

“Binance will continue to comply with applicable European Union laws.”

Last week, the US Securities and Exchange Commission (SEC) sued Binance, its founder Changpeng Zhao and the operator of its supposedly independent US exchange. Binance said it intends to defend itself “vigorously” against the SEC charges.

Binance has stated on its website that it has licenses and registrations in six European Union states, including France and Italy.

Reporting by Elizabeth Howcroft in London and Michele Kambas in Nicosia; edited by Tom Wilson, Alexandra Hudson and David Evans

Our standards: The Thomson Reuters Trust Principles.

[ad_2]