Binance successfully received regulatory approval from the regulatory bodies of Cyprus as a crypto company.
Cyprus is officially the Republic of Cyprus and it is an island country in the eastern Mediterranean Sea south of the Anatolian Peninsula. It is one of the members of the European Union (EU). Under the regulatory framework of the Cyprus Securities regulatory body, CySEC recognizes cryptocurrencies legal assets and it can be treated as legal tender.
On 20 October, Binance announced through a new blog post that the exchange successfully received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) as a crypto asset service provider.
This regulatory approval will allow Binance exchange to prohibit almost every possible crypto service like crypto staking, trading custodian, etc under a full compliance ecosystem to keep illegal activities & bad actors away.
The main role of CySEC is only to provide regulatory approval for traditional financial services but in the crypto sector CySEC contributes as an agency that prohibits money laundering or terrorist funding activities.
With this approval, Binance is now registered as a licensed crypto exchange in a total of 4 European Union states (France, Italy, Spain, and Cyprus).
Changpeng Zhao, CEO and founder of Binance exchange, also talked about the latest success of the exchange in 4th European Union country and said that Binance always focussed on AML and CTF compliance policies to keep the bad actors away.
“Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is a testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry,” Zhao said.
In 2021, Binance faced huge hurdles because of the actions of regulatory bodies from multiple countries. Since the second half of 2021, Binance is continuously working to make the Binance exchange a globally licensed crypto company.