Binance Gains Crypto License in Cyprus

Crypto exchange Binance has further strengthened its regulatory position with a new license from Cyprus Securities and Exchange Commission (CySEC). The Class 3 registration as a Crypto Asset Services Provider (CASP) was granted to the locally formed Binance Cyprus Limited on October 20.

“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” said Binance’s Executive Vice President of Europe, Martin Bruncko.

Under the new license, Binance can offer a wide range of crypto offerings, including spot, custodian, staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term and card services.

“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” Bruncko added.

Regulation Is Priority

Binance is the largest global cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term in terms of trading volume. It has established its dominance without obtaining any proper regulatory permission. However, an array of regulatory backlash against the exchange has forced it to change its strategy and seek licenses.

In Europe alone, Binance obtained regulatory permissions in France, Italy and Spain, apart from the latest Cyprus license. In addition, it has expanded its regulated presence in the Middle East with permissions in Abu Dhabi, Dubai and Bahrain.

Cyprus, which is already a favorite to forex and CFDs brokers, is now attracting cryptocurrency exchanges with its clear guidelines. Earlier, FTX and Crypto.com, two competitors of Binance, also received the Cypriot license.

Binance’s Founder and CEO, Changpeng Zhao, said: “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.”

Meanwhile, CySEC’s Chair, Dr George Theocharides, recently alarmed retail investors against the risks of crypto investments. Furthermore, he advocated for the 'urgent need' for crypto regulations and counted the benefits of the proposed EU Regulation on Markets in Crypto-Assets (MiCA).