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Binance received licenses as CASP in Cyprus

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Indrani bose Follow

INDIA

Oct, 28 2022

Oct, 28 2022

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Recently?Binance received licenses as CASP in Cyprus.?This clearance makes Cyprus, the fourth European country to approve Binance. 


Binance, a cryptocurrency exchange, revealed recently that Binance Cyprus Limited has received authorization to provide services for virtual currencies in Cyprus. Recently the platform has earned Class 3 registration as a Crypto Asset Services Provider (CASP) from the nation's securities authority, Cyprus Securities and Exchange Commission (CYSEC).   


The crypto exchange received registration on October 20 after meeting CySEC's anti-money laundering and counter-terrorist financing (AML/CTF) requirements. Spot trading, custodian, staking, as well as its own card services are some of the services, Binance is now able to provide. The inhabitants of Cyprus would be able to use the services provided by Binance after completing this registration.  


The business recently announced that it has received comparable authorization in a number of additional European countries. Cyprus is the fourth country to give approval to Binance for the service. Earlier this year, Binance has been granted licenses from France, Italy, and Spain to operate as a provider of digital asset services. 


In response, the exchange's CEO, Changpeng Zhao, stated that the exchange now possesses some of the most stringent CTF and AML compliance rules in history. He continued by saying that the Cyprus regulators had taken notice of the exchange's significant efforts to remain at the forefront of compliance. 


According to Martin Bruncko, Executive VP of Europe of Binance, the company's registration in Cyprus is a critical milestone for the expansion of the business in Europe. Additionally, it demonstrates Binance's dedication to the area. The exchange is now looking forward to establishing roots in Cyprus, growing its local employees, and working to advance the region's crypto economy. 


Binance essentially obtained authorization to start providing a number of cryptocurrency services with the registration, including spot trading, custody, staking, as well as its own card, all in complete conformity with local laws, regulations, and AML and counter-terrorist-financing guidelines. 


According to daily trading volume, Binance is the largest cryptocurrency exchange in the world. It has been taking steps to become more legally compliant with the laws of the countries in which it conducts business and to obtain official licenses from regulatory bodies throughout the globe. 

 

This year, prominent platforms other than Binance also applied for the Cyprus license. One of Binance's main competitors, FTX cryptocurrency exchange, also registered in the nation, which is evolving into a refuge for cryptocurrency businesses, back in March. FTX established a Cypriot firm in March.  


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Indrani bose

CBW - External Analyst

INDIA

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