Binance exits Cyprus to focus on larger EU markets amid regulatory hurdles

According to a June 14 press statement, Binance is exiting Cyprus to focus on the larger markets of France, Italy and Spain. crypto slate.

Cyprus Securities and Exchange Commission website The exchange confirmed that it was “under review of the deregistration application.”

Binance registered with the regulator in October 2022, but the website did not state when the exchange applied for deregistration.

A Binance spokesperson said the exchange’s decision is part of its commitment to “be fully compliant with MiCA when it is implemented within the next 18 months.” The spokesperson added:

“We have decided to withdraw our efforts in Cyprus and focus our efforts on less regulated entities within the EU, particularly on the larger registered markets with already mature footprints such as France, Italy and Spain. Binance will continue to comply with applicable European Union law.”

fighting regulation

Binance’s decision comes amid recent regulatory battles in the US

On June 5, the U.S. Securities and Exchange Commission sued the exchange for violating federal securities laws and facilitating the trading of securities such as BNB and BUSD. Since then, regulators have moved to freeze the assets of US subsidiary Binance US and issued a court subpoena against CEO Changpeng ‘CZ’ Zhao.

Meanwhile, Binance said it would defend these charges in court.

In addition, the Nigerian Securities and Exchange Commission Declared Binance Nigeria Limited is illegal to operate in the country. In response, Binance said it was not aware of the companies named in the Nigerian SEC circular.

A spokesperson for the exchange said:

“The entities mentioned in the circular are not affiliated with our company. Therefore, we have sought clarification from the Nigeria SEC and remain committed to working with the Nigeria SEC on next steps. ”

An article about Binance exiting Cyprus to focus on the larger EU market amid regulatory hurdles first appeared on CryptoSlate.

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