Binance, the world’s largest cryptocurrency exchange by trading volume, has received Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commission (CySEC), the company announced via a blog post on Thursday.
Binance competitors FTX and CryptoCom also received similar licenses from the regulator this year.
Binance Receives Regulatory Approval in Cyprus
CySEC’s approval will allow Binance to offer a range of services, including spot, custodian, staking, and card services, in compliance with the requirements of the regulator’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.
It is worth mentioning that CySEC does not only issue licenses to crypto exchanges but also oversees AML and CTF measures.
Binance stated that the latest approval represents another milestone in the company’s regulatory push in Europe. The crypto exchange is already approved in three major European markets including France, Italy, and Spain.
Commenting on the development, Changpeng Zhao (CZ), founder and CEO of Binance said:
“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 testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”
Martin Bruncko, Executive Vice President of Europe of Binance, also commented, saying that registration in Cyprus is a major step to the company’s European expansion.
Gaining Momentum With Regulators
Meanwhile, after facing regulatory woes in the past, Binance has in recent times doubled on compliance and has continued to gain momentum with regulators recently. Since the beginning of this year, the exchange has been bagging regulatory approvals across different markets.
Earlier this year, the crypto exchange secured a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA). Just recently, Binance received a permanent license from the AIFC Financial Services Authority to operate a digital asset platform and provide custody services in Kazakhstan.
