Amid the ongoing Crypto Winter, the world’s largest crypto exchange (by volume), Binance, announced that the Cyprus Securities and Exchange Commission (CySEC) had granted a Class 3 registration as a Crypto Asset Services Provider (CASP) to Binance Cyprus Limited allowing it to offer services, including spot, custodian, staking, and card services, in compliance with the requirements of the CySEC’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.
Binance Cyprus Limited was granted registration by CySEC on October 20, 2022. CySEC is not only the financial regulator but also the anti-money laundering and counter-terrorist financing (AML/CFT) supervisor for crypto-asset operations undertaken in or from Cyprus, rigorously assessing AML and Know Your Customer processes.
Changpeng Zhao (CZ), founder and CEO of Binance, commented: “Binance has some of the most thorough AML and CTF compliance policies in the industry. Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that. Effective regulation that protects users and stimulates innovation is essential to the continued growth of our industry.”