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.

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.

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.