Binance is pulling out of Cyprus

09:43 - 15 June 2023

Financial Services

Binance, a global company that operates the largest cryptocurrency exchange, has applied to pull out of Cyprus, according to a listing with the Cyprus Securities and Exchange Commission (CySEC).

The listing did not provide a reason for Binance’s deregistration. But Binance told Decrypt it was focusing “efforts on fewer regulated entities in the EU, especially our larger registered markets where we already have a mature footprint, including France, Italy and Spain”.

The move comes ahead of the EU’s Markets in Crypto Assets (MiCA) legislation coming into effect next year.

The legislation, which applies to those “engaged in the issuance, offer to the public and admission to trading of crypto-assets or that provide services related to crypto-assets in the Union,” will mean digital asset firms will face tighter rules such on stablecoins and the implementation of new anti-money laundering (AML) and data security procedures.

“We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months,” a Binance spokesperson said.

Binance advertises itself as being available in over 100 countries on its website, but Cyprus is no longer featured on the list. Earlier this month, the crypto company announced that it was leaving Canada due to “new guidance related to stablecoins and investor limits”.

It is currently facing legal proceedings in Canada and the US for a series of alleged violations of crypto laws.

Binance is pulling out of Cyprus

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