Binance secures a licence to operate in Cyprus
On October 20, Binance got a licence from the Cyprus Securities and Exchange Commission (CySEC) to work as a crypto asset services provider.
This licence allows the company to offer staking, custody and spot services in accordance with the rules of the regulator and national requirements for combating the financing of terrorism and anti-money laundering (CTF/AML). Previously, the exchange has already worked with users from this country.
Binance CEO Changpeng Zhao noted that the company has one of the best AML and CTF compliance systems. The effective regulation that protects users and drives the introduction of innovative technologies is the key to the successful development of the entire crypto industry.
The management of the exchange intends to assemble a team of local specialists and develop the crypto ecosystem in Cyprus.
Earlier, Binance has already secured licences to work in three European countries: Italy, Spain and France. The company also plans to get a work permit in the UK. In 2022, the exchange received approval from the authorities of Dubai, Bahrain, New Zealand and Kazakhstan.
Changpeng Zhao also noted the most important country for Binance to work in Europe. According to him, France is one of the most developed countries in terms of crypto regulation, so the exchange is committed to long-term cooperation with its authorities. The French authorities clearly understand how they want to regulate cryptocurrencies, as well as the eventual result of this regulation.
About 150 Binance’s specialists have already working in France, and the exchange plans to hire several hundred more new employees. It is the largest exchange office in Europe now. This is where the company manages most of its operations in the euro area.