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Just-In: Binance Expands European Stronghold With New License

Binance expands its stronghold by receiving its 4th license in Europe, a Crypto Asset Service Provider registration in Cyprus.
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Just-In: Binance Expands European Stronghold With New License

The world’s largest crypto exchange Binance expands its stronghold by receiving its 4th license in Europe. Binance gets its Crypto Asset Service Provider registration from Cyprus Securities and Exchange Commission (CySEC) on Thursday. Thus, it allows the crypto exchange to offer spot, custodian, staking, and card services in the country. Binance CEO “CZ” consider France as Europe’s crypto hub.

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Binance Gets License in Cyprus

In an official announcement on October 20, Binance said Binance Cyprus Limited has received Class 3 registration as a Crypto Asset Services Provider (CASP) by Cyprus Securities and Exchange Commission (CySEC).

The new license allows the crypto exchange to offer services including spot trading, custodian, staking, and cards. Moreover, it is another milestone for Binance to be in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorism financing (AML/CTF) rules.

Binance CEO “CZ” believes an effective regulatory framework is necessary to protect users and promote crypto adoption.

“Binance has some of the most thorough AML and CTF compliance policies in the industry. Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that.”

Binance continuous expansion is a sign of commitment to the region. It includes recruitment, education, regulatory cooperation, and the development of the crypto ecosystem. In fact, it has received similar registrations in France, Italy, and Spain.

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France as Europe’s Crypto Hub

Binance CEO “CZ” considers France as Europe’s crypto hub. Also, he believes France’s large talent pool with strong engineering and mathematics backgrounds and crypto-friendly government and regulators makes it a strategic hub for crypto and blockchain industry. The crypto exchange received a license to operate in France in May.

Moreover, France’s government and Binance are collaborating on the blockchain, Web3, DeFi, and metaverse developments in the country. The Markets in Crypto Assets Regulation (MiCA) law and the DLT Pilot regulation are based on works by the French government.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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