• Binance, the world’s largest crypto exchange by trading volume, is seeking to delist itself from the register of authorized crypto asset service providers (CASPs) in Cyprus.
• This move is being done in order to focus its efforts on complying with the EU’s Markets in Crypto-Assets (MiCA) regulation.
• Binance also has entities registered in France, Italy and Spain, all of which are countries that are covered by the MiCA rules.
Binance Seeks to Deregister Cyprus Entity
Binance, the world’s largest crypto exchange by trading volume, is seeking to delist itself from the register of authorized crypto asset service providers (CASPs) in Cyprus in order to focus its efforts on complying with the EU’s Markets in Crypto-Assets (MiCA) regulation. The move by Binance to strike its Cyprus entity off the register was first revealed on the website of the country’s financial regulator, the Cyprus Securities and Exchange Commission (CySEC).
Reason for Delisting
According to CySEC’s website, Binance was first added to the register in October of 2022. Binance has indicated that it is delisting so that it can focus on full compliance with MiCA regulatory framework which will take effect within the EU starting January 2025. A spokesperson for Binance was quoted as saying that larger European markets will be prioritized going forward.
Differing US and European Regulatory Approach
In contrast to Europe’s approach towards regulating cryptocurrencies, Binance’s CEO Changpeng Zhao has been sued by US Securities and Exchange Commission (SEC) for offering unregistered securities and operating an unlicensed securities exchange. Zhao has praised Europe’s approach as “a pragmatic solution”.
Binace Entities Across Europe
In addition to its entity in Cyprus, Binance also has entities registered in France, Italy and Spain – all of which are countries covered under MiCA rules. Compliance with MiCA regulations could help ensure a more compliant trading environment across Europe for customers using cryptocurrency exchanges like binance.
Conclusion
The move by Binance delisting from Cypriot registers shows their drive for full compliance with upcoming MiCA regulations across Europe – a sign that they are committed to creating an accessible and compliant trading environment across EU nations