CySEC Grants Binance License as a Crypto Asset Service Provider

• The crypto exchange may now provide spot, custodial, staking, and card services in Cyprus.
• France, according to “CZ,” CEO of Binance, is the crypto hub of Europe.

Binance, the largest cryptocurrency exchange in the world, has just received its fourth license in Europe. On Thursday, the Cyprus Securities and Exchange Commission (CySEC) approved Binance to operate as a Crypto Asset Service Provider. The crypto exchange may now provide spot, custodial, staking, and card services to customers in the nation. France, according to “CZ,” Binance’s CEO, is Europe’s crypto powerhouse.

Binance announced on October 20 that its subsidiary Binance Cyprus Limited is now registered with the Cyprus Securities and Exchange Commission (CySEC) as a Class 3 Crypto Asset Services Provider (CASP). For Binance, meeting the standards of the Cyprus Securities and Exchange Commission (CySEC) in regard to AML/CTF regulations is a significant step forward.

Rapid Expansion in Europe

According to Binance CEO “CZ,” a strong regulatory framework is required to safeguard consumers and encourage the widespread use of cryptocurrencies.

Europe is crucial to Binance, which is why they are expanding rapidly their operations here. It involves activities like staffing up, spreading knowledge, working with regulators, and growing the crypto industry. Additionally, it has been registered in the European Union member states of France, Italy, and Spain.

France, according to “CZ,” CEO of Binance, is the crypto hub of Europe. In addition, he thinks France is strategically located for the crypto and blockchain business because of its enormous talent pool of people with expertise in engineering and mathematics and its crypto-friendly government and authorities. In May, the cryptocurrency exchange was granted official status in France.

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