Binance Registers As Crypto Asset Service Provider In Cyprus

• Binance gains crypto asset service provider registration in Cyprus.
• The exchange can now offer spot, custodian, staking, and card services in Cyprus.
• Binance shared an updated list of countries eligible for the “Pay with Bank Card” feature.

Binance announced that it has acquired registration as Crypto Asset Service Provider in Cyprus after Cyprus Securities and Exchange Commission (CySEC) granted a Class 3 registration to the cryptocurrency exchange.

Gaining the registration allows Binance to offer its wide range of services in Cyprus, including spot, custodian, and staking, alongside card services. The services offered are all in compliance with CySEC’s anti-money laundering and counter-terrorist financing (AML-CTF) requirements.

Apart from granting licenses to financial establishments, CySEC is also responsible for the country’s anti-money laundering and counter-terrorist financing (AML-CTF) supervision for all crypto-focused operations happening in or from Cyprus, while rigidly evaluating AML and Know Your Customer procedures.

Binance proudly shares this as another milestone in Binance’s regulatory efforts in Europe after obtaining registrations in France, Italy, and Spain.

Founder and CEO, Changpeng Zhao expressed,

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 a testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.

Meanwhile, Binance shared an updated list of country eligibility for its “Pay with Bank Card” feature. The announcement stated all the countries where the feature is currency disabled in, including Argentina, Brazil, Colombia, Hong Kong, India, Indonesia, Israel, Kazakhstan, Kenya, Malaysia, Mexico, Nigeria, Peru, Philippines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Turkey, and Vietnam.

However, countries including Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, UK, and Ukraine, are not affected by the restrictions.