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Binance Plans to Deregister as Crypto Service Provider in Cyprus

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Binance, the largest cryptocurrency exchange, obtained permission to provide spot trading, custody, and other services to citizens of Cyprus.

Binance, the world’s biggest cryptocurrency exchange, has submitted a request to deregister as a Crypto Asset Service Provider in Cyprus, possibly due to legal issues it is currently facing in the United States. The exact reason for the deregistration application has not been mentioned on the official website of Cyprus’s securities regulator.

Binance Has Not Responded Regarding Deregistration

Binance’s decision to proceed with deregistering in Cyprus remains unclear. Despite announcing its registration with the country’s Securities and Exchange Commission in October 2022, reports indicate that the exchange never actually began operations in Cyprus. Binance has yet to provide a response regarding its recent actions.

Also Read: US Experts Suggest Potential Criminal Indictment Against Binance

Binance was granted permission to provide various services, including spot trading and custody, to individuals in Cyprus. As a cryptocurrency exchange, Binance agreed to adhere to the country’s anti-money laundering regulations and counter terrorist financing rules to ensure compliance.

Largest Exchange Faces Legal Troubles

The crypto exchange, along with its executives, is embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The commissions have levied 13 charges against Binance Entities and its founder, Changpeng Zhao (CZ).\

In recent court documents, a judge has requested Binance, its US arm, and the Securities and Exchange Commission (SEC) to participate in a mediation conference. The SEC has accused the crypto exchange of violating securities laws by allegedly offering unregistered securities.

Also Read: US Federal Judge Dismisses SEC’s Plea to Freeze Binance US Funds

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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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