Binance, the crypto-trading leader, has taken the decision to apply for the deregistration of its Cypriot subsidiary registered as a crypto service provider in the country. This strategic decision is aimed at preparing for the entry into force of the European MiCA regulation, according to statements by the exchange.
Binance Cyprus Limited’s deregistration application has been filed with regulator CySEC, and this step marks an important milestone in the company’s readiness to fully comply with MiCA. This European crypto regulatory framework is expected to be in place by the end of 2024.
A Binance spokesperson explained that this decision was taken with the aim of focusing the company’s efforts on a limited number of regulated entities within the European Union, particularly in its larger registered markets where Binance already has a well-established presence.
It should be noted that Binance has registrations for its crypto activities in several European countries, such as France and Spain, and this restructuring aims to optimize its regulatory compliance and strategically position itself in the European financial landscape.
It’s also worth mentioning that earlier this month, the Securities and Exchange Commission (SEC), the US regulatory authority, filed a complaint against Binance, alleging various violations of securities law.
The decision to withdraw from Cyprus demonstrates Binance’s determination to meet regulatory requirements on a global scale and to ensure rigorous compliance in all countries where it operates.