By registering as a Crypto Asset Service Provider in Cyprus and obtaining its fourth licence in Europe, Binance strengthens its position.
Cyprus and obtaining its fourth licence in Europe, Binance strengthens its position.
Binance, the biggest cryptocurrency exchange in the world, strengthens its position after obtaining its fourth licence in Europe. The Cyprus Securities and Exchange Commission (CySEC) will register Binance as a Crypto Asset Service Provider on Thursday. The crypto exchange is now able to provide spot, custodian, staking, and card services in the nation. France is considered to be Europe's crypto powerhouse by Binance CEO "CZ."
On October 20, Binance made a formal release stating that Binance Cyprus Limited had been granted Class 3 registration by the Cyprus Securities and Exchange Commission as a Crypto Asset Services Provider (CASP) (CySEC).
The cryptocurrency exchange is now able to provide services including spot trading, custody, staking, and cards thanks to the new licence. Being compliant with the CySEC's anti-money laundering and counter-terrorism financing (AML/CTF) regulations is also a significant accomplishment for Binance.
According to "CZ," the CEO of Binance, a strong regulatory framework is required to safeguard users and encourage the use of cryptocurrencies.
Binance has some of the toughest AML and CTF compliance standards in the market. Our registration in Cyprus is proof that our efforts to lead the field in compliance have been recognised.
Binance's continued growth shows its dedication to the area. Recruitment, instruction, regulatory coordination, and the growth of the cryptocurrency ecosystem are all included. It has really been registered similarly in France, Italy, and Spain.
France is considered to be Europe's crypto powerhouse by Binance CEO "CZ." He also thinks France is a critical centre for the blockchain and crypto industries due to its big talent pool, which has strong credentials in engineering and mathematics, as well as its pro-crypto regulatory environment. In May, the cryptocurrency exchange was granted a permit to work in France.
Additionally, Binance and the French government are working together to advance the country's metaverse, Web3, and blockchain technologies. The French government's actions served as the foundation for the Markets in Crypto Assets Regulation (MiCA) law and the DLT Pilot regulation.
