Binance, a cryptocurrency exchange, has been granted Class 3 registration as a crypto asset service provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC).
Binance confirmed the news in a blog post on Thursday. Under the CySEC’s anti-money laundering and counter-terrorist-financing standards, the firm can now provide spot, custody, staking, and card services. In addition to issuing operating licenses, the CySEC monitors crypto-asset businesses for AML and KYC compliance. In a blog post, Binance CEO Changpeng Zhao stated.
Binance has some of the most thorough AML and CTF compliance policies in the industry. The recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is a testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.
Martin Bruncko, Binance’s Executive Vice President Europe, stated:
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.
The registration comes after the exchange’s main competitor, FTX, opened a branch in Cyprus in March.
Binance was also recently granted permission to operate in Kazakhstan after signing a memorandum of understanding in the country as part of a campaign to combat financial crime.
Similar registrations for the cryptocurrency exchange can also be seen in France, Spain, and Italy. In September, the New Zealand Ministry of Business, Innovation, and Employment approved Binance as a financial service provider.
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