Binance decided not to register in Cyprus

Having revoked the registration in Cyprus, the Binance crypto exchange sent an application to the local Commission. At the moment it is under consideration.

Why did Binance decide not to register in Cyprus

It should be noted that Binance was able to obtain approval from CySEC, the local securities and exchange regulator. He approved the platform in the form of a provider of services that are related to digital assets. This happened last fall.

However, now the company has decided to curtail its activities in the country. Binance representatives explain this by the fact that they focus on Europe, where there are significantly fewer regulators. At the same time, the exchange has licenses from countries such as France, Italy, Spain. 

The exchange is also preparing to fully comply with the requirements of the new law adopted in the European Union. We are talking about the so-called MiCA. It will regulate the industry throughout the European Union. The document should come into force within the next 1.5 years.

A representative of the exchange said that the revocation of registration was carried out even before the claim was received from the US SEC. At the moment, there are court proceedings between the department and Binance.US . At the same time, the exchange was able to ensure that its assets were not frozen.

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