The Cyprus Securities and Exchange Commission (CySEC) confirmed yesterday (Monday) the deletion of Binance Cyprus Ltd from the Register of Service Providers of Crypto-assets as the company did not provide any services under the Cyprot license for more than six months continuously.
It is to be noted that Binance, last June, initially moved for the deregistration of its local unit in Cyprus. However, despite holding the license, the crypto exchange giant did not provide any clarification behind keeping the Cypriot entity dormant.
Binance received the Class 3 registration as a Crypto Asset Services Provider (CASP) from the CySEC in October 2022. At that time, it was one of the many regulatory registrations of the global crypto exchange within the European Union. It is still regulated in France, Italy, and Spain.
Binance’s Troubles with Regulators
Established in 2017, Binance became the top global crypto exchange in terms of trading volume. Though the exchange focused on entering most jurisdictions in its early days without any regulatory approval, the regulatory backlash against it globally forced it to change its strategy. Europe became one of the focused markets for Binance as it obtained several licenses across the continent.