The Cyprus Securities and Exchange Commission (CySEC) confirmed yesterday (Monday) the deletion of Binance Cyprus Ltd from the Register of Service Providers of Crypto-assets as the company did not provide any services under the Cyprot license for more than six months continuously.

Binance Exits Cyprus

Last June, Binance, initially moved for the deregistration of its local unit in Cyprus. However, despite holding the license, the crypto exchange giant did not provide any clarification behind keeping the Cypriot entity dormant.

Binance received the Class 3 registration as a Crypto Asset Services Provider (CASP) from CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term in October 2022. At that time, it was one of the many regulatory registrations of the global crypto exchange within the European Union. It is still regulated in France, Italy, and Spain.

Binance’s Troubles with Regulators

Established in 2017, Binance became the top global crypto exchange in terms of trading volume. Though the exchange focused on entering most jurisdictions in its early days without any regulatory approval, the regulatory backlash against it globally forced it to change its strategy. Europe became one of the focused markets for Binance as it obtained several licenses across the continent.

The exchange’s decision to exit Cyprus occurred after its global entity, its American arm, and its CEO, Changpeng Zhao, were named in a lawsuit brought by the US Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term). The US commodities regulator additionally charged the exchange in a separate lawsuit.

The wake of the regulatory action in the US further impacted the European business of Binance. Consequently, the exchange exited The Netherlands as it failed to secure a license in the country. Germany’s BaFin likewise rejected a license application of Binance, ending the exchange’s ambition to operate in the country. It even transferred its Belgium users to the Polish entity to avoid any regulatory hiccups. On top of that, the French entity of Binance is reportedly under investigation for lapses around anti-money laundering and was raided by the authorities.

Meanwhile, Binance still continues to expand its reach in other jurisdictions. It launched services in Japan last month and received operational licenses in Dubai and El Salvador.