Binance’s Cyprus unit files for deregistration
The Cyprus branch of the global cryptocurrency exchange, Binance, has submitted an application to withdraw its registration as a crypto asset service provider, according to the country’s securities regulator. According to Reuters, the regulator disclosed this information but did not provide any reasons for the application. Binance, a leading player in the world of cryptocurrencies, has a presence in many countries, including Cyprus. It offers a platform for trading a variety of digital currencies like bitcoin (BTC), ethereum (ETH), and many others. However, the recent move to deregister its Cyprus unit as a crypto service provider has raised eyebrows in the crypto community. The Cyprus Securities and Exchange Commission (CySEC) is the regulatory body that oversees the operations of financial service providers in the country. It maintains a register of crypto asset service providers, and binance’s Cyprus unit was one of the entities on this list. The recent applicat...