The Cryptocurrency exchange Binance announced recently that Binance Cyprus Limited has been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC).
This registration will allow Binance to offer services, including spot, custodian, staking and card services, in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.
“Binance Cyprus Limited was officially granted registration by CySEC on October 20, 2022,” the company said.
Binance noted that in addition to granting licenses to traditional financial institutions, CySEC is the anti-money laundering and counter-terrorist financing (AML/CFT) supervisor for crypto asset operations undertaken in or from Cyprus, rigorously assessing AML and Know Your Customer processes.
“This is another milestone in Binance’s regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain,” Binance said.
Changpeng Zhao (CZ), founder and CEO of Binance, said that “Binance has some of the most thorough AML and CTF compliance policies in the industry.
“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,” he added, noting that effective regulation that protects users and stimulates innovation is essential to the continued growth of the crypto industry.
Meanwhile, Martin Bruncko, Executive Vice President Europe of Binance stated that “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,” Bruncko added.
Binance is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies.