Binance Gears Up To Leave Cyprus Ahead of New EU Regulation To Focus On Other Markets: Report

The world’s largest crypto exchange platform by trading volume is reportedly preparing to leave the country of Cyprus to focus on other European markets.

According to a new report by Bloomberg, Binance is making moves to deregister its Cyprus arm, which was approved by the nation’s government in late 2022, to better tend to its other branches in the European Union (EU).

A spokesperson for the firm told Bloomberg that it had “made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU, especially our larger registered markets where we already have a mature footprint.”

Binance’s withdrawal means that it can longer solicit its services to customers in Cyprus or provide services in or from the country, until at least new EU regulations take effect, according to the report.

The new guidelines, known as the Markets in Crypto Assets (MiCA) regulations, will come into effect starting January 2025 and would permit businesses to forward their existing registrations from other EU locations.

Within the EU, Binance also has branches in France, Italy, and Spain.

MiCA, which was proposed in 2020 and passed in 2022, is the first set of comprehensive regulations for the digital asset industry.

Last week, Binance and its chief executive Changpeng Zhao were both sued by the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Shutterstock/Jorm S
Generated Image: DALLE-2