September 21, 2023 2:11 pm

Binance’s Cyprus Unit Seeks Deregistration as Crypto Service Provider

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Binance’s Cyprus Unit Seeks Deregistration as Crypto Service Provider

By Reuters

NICOSIA (Reuters) – Binance’s Cyprus unit has applied to be removed from Cyprus’ register of crypto asset service providers, the securities regulator website showed on Wednesday, without detailing the reason for the application.

It was unclear when Binance applied to deregister. The exchange, the world’s biggest, announced its registration with the Cyprus Securities and Exchange Commission in October 2022. A source at the regulator said on Wednesday that Binance never launched its business in Cyprus.

The Cyprus registration allowed Binance to offer spot trading, custody and other services in compliance with Cyprus’s anti-money laundering and counter-terrorist financing rules, the exchange has previously said on its website.

Binance did not immediately respond to a request for comment.

(Reporting by Elizabeth Howcroft in London and Michele Kambas in Nicosia; editing by Tom Wilson)

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