Binance applies to deregister in Cyprus, says focus is on ‘larger markets’

It appears Binance is getting ready to leave Cyprus, as evidenced by the Cyprus Securities and Exchange Commission listing Binance Cyprus Limited as “Under examination for application for deregistration” on its website.

In October, Binance was granted Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus, which it described as a “milestone in its regulatory efforts in Europe” and noted that it follows similar registrations for its local entities in France, Italy, and Spain.

Class 3 is the most advanced level of service available in the island nation, allowing for the custody of crypto assets, staking, portfolio management, and other functions in addition to a trading platform. However, according to a report from Reuters citing an unnamed source at the regulatory body, Binance never implemented its services in Cyprus.

A representative of Binance informed Cointelegraph that…

The Cypriot regulator has nine registered CASPs listed on its website, including Binance, eToro and a Revolut entity. It is reported that other exchanges, such as and Gemini, are in the process of obtaining registration in Cyprus.

The crypto landscape in Southern Europe is led by Malta.

The crypto sector is bracing itself for the MiCA legislation of the European Union to become effective next year. As Cyprus is a part of the EU, MiCA regulations will enable Binance to expand its registration from other European regulators into the countries that are subject to the new legislation.

On June 5, the United States Securities and Exchange Commission filed a lawsuit against Binance, Binance.US, and Binance CEO Changpeng Zhao, alleging 13 violations including the sale of unregistered securities and failure to register as a securities exchange.

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