The Cyprus subsidiary of crypto exchange Binance has applied to revoke its registration as a crypto asset service provider (CASP).
Southern Cyprus Securities and Exchange Commission (SEC) applied for deregistration. and announced that investigations are continuing. Binance, the European Union’s MiCA legislation to focus on meeting the requirements announced that such a step had been taken.
In an email to CoinDesk, a Binance spokesperson emphasized that the focus will be on other alternatives in the EU:
We are working hard to be fully aligned with MiCA as it rolls out in the next 18 months. To this end, we have decided to withdraw our efforts in Cyprus to focus on a smaller number of regulated entities in the EU.
Binance, in October last year It was registered as a crypto asset service provider in Southern Cyprus. In this context, Binance offers Cyprus users legally. spot, trading and staking services was offering.
Binance’s vice president for Europe Martin Brunckoin the statement he made during the license period from Southern Cyprus, that this step important to their growth in Europe. had placed.