Binance has been granted Class 3 registration as a Crypto Asset Service Provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC).
This registration will enable Binance to offer services including spot, custodian, staking, and card services in compliance with the requirements of CySEC’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Regulations. Become.
Binance Cyprus Limited was granted registration by CySEC today.
In addition to licensing traditional financial institutions, CySEC is the anti-money laundering and counter-terrorism financing (AML/CFT) supervisor of crypto asset operations conducted in or from Cyprus, Rigorously evaluate AML and Know Your Customer processes.
The move has been hailed by Binance Founder and CEO Changpeng ‘CZ’ Zhao as another milestone in Binance’s regulatory efforts in Europe, along with similar registrations of Binance’s local entities in France, Italy and Spain. It follows.
“Binance has some of the most thorough AML and CTF compliance policies in the industry.
“Recognition of the efforts we have made to be at the forefront of compliance represented by our registration in Cyprus is testament to that. Effective regulation that protects users and stimulates innovation It is essential for the continued growth of the industry.”
Martin Blanco, Executive Vice President of Europe at Binance, added: We look forward to building a local team in Cyprus and helping develop the local crypto ecosystem. ”