Binance Exchange has reportedly filed for deregistering from Cyprus. The firm acquired a practice license in October last year from the European Island. To this end, Binance has maintained that it is currently limiting its operations within the EU territory.
The application for registering has been updated at the official site of the Securities and Exchange Commission of Cyprus. Binance officials have told the media that the firm is undertaking structural changes.
Binance also maintained that it intends to limit its operational circumference within the EU jurisdiction. According to the conjuncture, Binance executives are working on updating their operating procedures based on the MiCA laws.
The exchange intends to ingrain compliance over the next 18 months. Binance has also claimed that for major EU territories such as Italy, France, and Spain consumers may also anticipate limited services for the aforementioned period.
Binance Aims to Comply with Regulatory Laws of the European Union
Binance exchange also maintained that the firm will continue to comply with the regulatory amendments taking place in the EU. It is worth noting that Binance had already applied for deregistration before SEC filed a lawsuit.
The spokesperson from Binance has emphasized the fact that it was already in the process of deregistration but refrained from sharing a definite date for the application. For context, the crypto community has been talking about the SEC lawsuit against Binance and Binance.US that started last week.
Binance acquired a class 3 registration in Cyprus making it a Crypto Asset Services Provider or CASP from the local SEC. It means that Binance was legally liable to operate as a spot trading services provider, crypto custodian, staking, and card issuer in this European region.
At the same time, the firm was liable to comply with the AML and counter-terror financing laws. At the time of the registration, Binance claimed that it was a victory for the expansion of the firm. Shortly after Cyprus’s approval, Binance acquired licenses in regions such as France, Spain, and Italy as well.
Martin Bruncko was heading Binance Europe when the firm managed to acquire practice licenses in major European territories. Bruncko who is acting as the Vice President for the European wing of Binance told the media that becoming a registered entity is a milestone for Binance.
He maintained that getting practice licenses from the local regulators aid the growth and development of the firm in European territories. As per the LinkedIn profile, he left Binance last month.
He had said that he was looking forward to creating a local team in the region and becoming a crucial part of the crypto community in Cyprus. On the other end of the spectrum, a relatively unknown blockchain project Prometheum has risen to controversial status on account of its colorful remarks at the House of Representative hearing.
Prometheum co-founder Aron Kaplan has testified before the House that SEC has laid out clear regulatory guidance for crypto enterprises while upholding SEC as the best regulatory agency in the world. These remarks have caused outrage within the crypto community while harboring support from financial regulators.
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