Binance applies to deregister its local entity in Cyprus

Crypto exchange Binance applied to deregister in Cyprus, just over a week after getting sued by the United States Securities and Exchange Commission.

“Binance Cyprus Limited Under examination for application for deregistration,” reads the website of the Cyprus Securities and Exchange Commission. Binance Cyprus received registration from the regulator in October 2022.

It is unclear when Binance applied for deregistration and why it no longer wants to operate in Cyprus. The company did not immediately respond to The Block’s request for comment.

The development comes after Binance and its U.S. entity Binance.US were sued by the SEC last week for allegedly violating securities laws.

Binance Cyprus had been granted Class 3 registration as a Crypto Asset Services Provider (CASP) by the Cyprus SEC. The registration allowed Binance 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. 

At the time, the exchange said it was “another milestone” for the company in its regulatory efforts and follows similar registrations for Binance’s local entities in France, Italy and Spain. 

“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” Martin Bruncko, executive vice president of Europe at Binance, said at the time. “We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem.”

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