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Binance licensed in Cyprus

Binance licensed in Cyprus

created Michał SielskiSEPTEMBER 21, 2022

The largest cryptocurrency exchange in the world - Binance - does not stop at overcoming the next bureaucratic barriers in other countries. The stock exchange has just announced that it has obtained registration from the increasingly restrictive Cyprus Securities and Exchange Commission (CySEC). This is the next step in the development of the entire industry.

Until a few years ago, Cyprus was considered a financial Eldorado. The common opinion was that taxes were low and the possibility of doing financial business was not met with too many bureaucratic obstacles. But that is a long time in the past. Financial supervision in Cyprus is becoming tighter. Some brokers even give up their representation in Cyprus, moving from the island to more liberal countries, which are still in abundance.

Others, however, stay, because the legislation in Cyprus is still friendly, while the rules have already been civilized. It is still easier to do business than in many other countries, but it is just safer.

In recent years, Cyprus has also developed a large community, which thanks to this country has developed quickly financially and intends to continue to engage financially there. They are mostly young, dynamic people who are not afraid of technological innovations. This is why Binance Cyprus Limited has sought registration as a Crypto Service Provider (CASP), which it has just obtained without comment from the registrar.

What will give Binance the so-called class 3 registration?

Class 3 registration will allow Binance offer services, including checkout, custody, staking and card services, in accordance with all CySEC anti-money laundering and anti-terrorist financing (AML / CTF) requirements. Binance Cyprus Limited obtained registration with CySEC on October 20, 2022.

It is worth remembering that the Cypriot supervision not only deals with traditional financial institutions, but is also the anti-money laundering and terrorist financing (AML / CFT) supervisor for cryptocurrency operations undertaken in or from Cyprus, rigorously assessing AML processes and "know your client ”, that is KYC (Know Your Customer).

Binance officially operates in another country

Full registration in Cyprus is another milestone in Binance's regulatory efforts in Europe and takes place after similar registrations of local Binance entities in France, Italy and Spain.

“Binance has some of the most in-depth AML and CTF compliance policies in the industry. Recognition of the great efforts we have made recently to be at the forefront of compliance, which our Cyprus registration represents, is proof of this. Effective regulation that protects users and stimulates innovation is essential for the continued development of our industry " - says Changpeng Zhao (CZ), founder and CEO of the Binance cryptocurrency exchange.

Binance is one of the industry leaders in terms of progress in obtaining regulatory documents in countries around the world. More cryptocurrency exchanges are also doing this, making the entire blockchain industry more transparent.

Contrary to those who all the time claimed that cryptocurrency traders care about understatements and a lack of control, cryptocurrency exchanges do their best to meet the requirements of control authorities in other countries as soon as possible and say goodbye to the patch of those who allow for suspicious interests once and for all. They know it helps them grow.

“Registration in Cyprus is an important step in our European development and another sign of our commitment to the region. We look forward to building our local team in Cyprus and helping to develop the local cryptocurrency ecosystem " - underlines Martin Bruncko, Binance Executive Vice President Europe.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.

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