to be preparing to exit Cyprus. The Cyprus Securities and Exchange Commission has marked Binance Cyprus Limited as “Under examination for application for deregistration” on its website.
Previously, the cryptocurrency exchange received Class 3 registration as a Crypto Asset Services Provider in Cyprus in October. At that time, Binance called the registration “another milestone in Binance’s regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain.”
Class 3 is the highest level of service provision in the island nation and allows the exchange to custody crypto assets, provide staking, manage portfolios and perform a number of other functions in addition to providing a trading platform. Despite this, ReutersA Binance spokesperson told Cointelegraph:
"We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months. To that end, we have 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." The Cypriote regulator lists nine registered CASPs on its website, including Binance. Among the other listings are eToro and a Revolut entity. Other exchanges,