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The Cyprus Securities and Exchange Commission has approved Binance, the largest crypto exchange, as a Crypto Asset Service Provider.
Due to its registration as a Category 3 Provider, Binance is able to provide services, including spot, staking, and card services, in compliance with the CySEC's anti-money laundering and anti-terrorism regulations.
On October 20, 2022, CySEC approved Binance Cyprus Limited.
In a statement, Binance claims that the Cyprus Securities and Exchange Commission's acceptance of its application is a significant step forward for Binance's regulatory initiatives in Europe, noting that France, Italy, and Spain have already taken similar steps.
According to the founder and CEO of Binance, Changpeng Zhao (CZ): "Binance has some of the most thorough AML and CTF compliance policies in the industry. The recognition of the efforts we have made has resulted in our registration in Cyprus. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry."
"Listing in Cyprus is an important step in our European growth and is another sign of our commitment to the region," continued Martin Bruncko, vice president of Binance Europe. "We look forward to building our local team in Cyprus and helping to grow the local crypto ecosystem ."
In terms of transaction volumes, Binance is the largest cryptocurrency exchange in the world. According to information from Economy Today, CySEC views the development of a cryptocurrency ecosystem in Cyprus favorably, provided that it takes place under a suitable and rigorous framework.
According to what we know, Binance has already established offices on the island of Cyprus and has moved on with hiring in order to bolster both its local and regional footprint.
Depending on its planned activities on the island, Binance's presence is also anticipated to bring in tax money for the state.
By fLEXI tEAM