Binance gains fourth European approval in Cyprus
Quick Take
- Cyprus has become the fourth European country to approve registration for crypto exchange Binance, the company announced on Thursday.
- Binance can now legally provide services in the country, following Cyprus’ financial regulator’s AML provisions.
Crypto exchange giant Binance has been granted registration as a Crypto Asset Services Provider by Cyprus’ financial regulatory body, the company announced in a statement on Thursday.
This is the fourth European country where Binance has gained regulatory approval — following France, Italy and Spain.
The Cypriot license lets Binance offer its services while complying with national anti-money laundering and counter-terrorist financing rules issued by the Cyprus Securities and Exchange Commission.
“Binance has some of the most thorough AML and CTF compliance policies in the industry,” Changpeng Zhao, Binance’s founder and CEO, said in the announcement. “Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry,” he continued.
Binance is gaining more and more national registrations worldwide. Most recently, it gained approval in New Zealand earlier in October.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.