Binance, the global crypto exchange, announced on Thursday that the Cyprus Securities and Exchange Commission had awarded Binance Cyprus Limited Class 3 registration as a Crypto Asset Services Provider (CASP).
Due to the requirements of the CySEC’s anti-money laundering and counter-terrorism financing (AML/CTF) regulations, this registration will enable the exchange to provide services, such as spot, custodian, staking, and card services.
Along with issuing licenses to conventional financial institutions, CySEC is the anti-money laundering and counter-terrorist financing (AML/CFT) regulator for crypto-asset activities conducted in or out of Cyprus, thoroughly examining AML and Know Your Customer procedures.
However, this marks another significant step in Binance’s regulatory initiatives in Europe and follows similar registrations for Binance’s local organizations in France, Italy, and Spain.
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Changpeng Zhao (CZ), founder and CEO of Binance, commented:
“Binance has some of the most thorough AML and CTF compliance policies in the industry. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”
Martin Bruncko, Executive Vice President of Europe of Binance, also claimed that a further demonstration of their dedication to the area, and registration in Cyprus is a crucial step in our continent’s development. They are eager to establish their local team in Cyprus and contribute to the growth of the region’s crypto economy.