Thursday, December 8, 2022

Binance Secures License from CySEC to Offer Custody Services

Leading cryptocurrency exchange, Binance has continued to set the pace for the industry as it secures its fourth license for the European market. The exchange just got approval from the Cyprus Securities and Exchange Commission (CySEC) as a registered Crypto asset service provider in the country.

The announcement was made today by the exchange. According to the blog post, Binance Cyprus Limited will allow Binance to offer its services to residents of Cyprus. In addition, Binance will offer crypto asset exchange and custody services in the country in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

Some of the services Binance will be offering Cyprus residents include spot, custodian, and card services amongst several others. With this, the exchange has promised to protect users as well as increase innovation so as to grow exceptionally in the crypto industry. It also further proves Binance’s unending strive to comply with AML and CTF rules and regulations.

Interestingly, the Cyprus crypto asset license has increased the exchange’s growth in the European region. Hence it looks forward to building its local team in Cyprus as well as developing the local crypto ecosystem.

Binance Expansion Amidst all odds

Despite the difficulty in regulations, it is good to know that the exchange platform is not relenting in fully supporting the crypto industry. It has gained lots of regulatory approval to operate in several countries. Some of these include Dubai, Spain, and France, amongst many others. 

Last month, the cryptocurrency exchange also re-entered the Japanese market four years after tightened regulations forced it to exit the nation. The approval comes after it received in-principle approval to function as a digital assets trading platform in Kazakhstan.

Consequently, the exchange platform can now provide its numerous services to the citizens of Bahrain. The license which was endorsed by the cooperation council for the Arab States of the Gulf (GCC) allows it to offer full-fledged operations.

Binance is still gaming for more territories to conquer and it still remains the largest exchange by trade volume.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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