{"id":7790,"date":"2023-06-14T14:46:47","date_gmt":"2023-06-14T14:46:47","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/regulators-turn-up-the-heat-on-crypto-binance-asks-to-exit-cyprus\/"},"modified":"2023-06-14T14:47:18","modified_gmt":"2023-06-14T14:47:18","slug":"regulators-turn-up-the-heat-on-crypto-binance-asks-to-exit-cyprus","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/regulators-turn-up-the-heat-on-crypto-binance-asks-to-exit-cyprus\/","title":{"rendered":"Regulators Cracking Down on Crypto Industry: Binance Requests to Exit Cyprus"},"content":{"rendered":"\n<div>\n<p>The Cyprus Securities and Exchange Commission (CSEC) received Binance\u2019s subsidiary deregistration petition as a crypto services provider, as per CoinDesk\u2019s report. If approved, the company won\u2019t be able to provide its services in the country. Binance was authorized to operate in Cyprus under 427114 in 2022 and could provide crypto trading, investment advice, custody, and other financial services. The deregistration petition for the company is under the CSEC\u2019s examination at the moment.<\/p>\n<figure id=\"attachment_239049\" aria-describedby=\"caption-attachment-239049\" style=\"width: 980px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-239049\" class=\"wp-caption-text\">BNB\u2019s price sees some recovery on the daily chart. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/chart\/hstM8J8q\/?symbol=BINANCE%3ABTCUSDT\"><strong>BNBUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Binance Under Regulatory Pressure<\/h2>\n<p>Binance had celebrated its Class 3 registration as a CASP in Cyprus less than a year ago. The company announced access to card services, staking, spot trading, and other products for customers in Cyprus, complying with the country\u2019s anti-money laundering laws. CySEC is the AML\/CFT supervisory authority for crypto-asset operations from or within Cyprus. Binance stated, \u201cthis is another milestone in Binance\u2019s regulatory efforts in Europe and follows similar registrations for Binance\u2019s local entities in France, Italy, and Spain.\u201d<\/p>\n<p>Binance\u2019s decision to leave the country has not been explained by the management yet, leaving room for speculations. The ever-increasing regulatory pressure in the US has been an issue for the company, with allegations of offering unregistered securities and operating without a license in the US by the US Securities and Exchange Commission(SCE). Binance\u2019s CEO, Changpeng \u201cCZ\u201d Zhao, had praised the company\u2019s thorough AML and CTF compliance policies in the industry at the time of receiving the Cyprus license. Although it is unclear whether anything related to these aspects has changed for the company, it has been suggested that Binance is choosing to shift its focus towards more significant regulatory issues.<\/p>\n<p>Image source: Unsplash, Tradingview<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Cyprus Securities and Exchange Commission (CSEC) received Binance\u2019s subsidiary deregistration petition as a crypto services provider, as per CoinDesk\u2019s report. If approved, the company won\u2019t be able to provide its services in the country. Binance was authorized to operate in Cyprus under 427114 in 2022 and could provide crypto trading, investment advice, custody, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7792,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Regulators Cracking Down on Crypto Industry: Binance Requests to Exit Cyprus - Bitrabo","description":"The Cyprus Securities and Exchange Commission (CSEC) received Binance\u2019s subsidiary deregistration petition as a crypto services provider, as per CoinDesk\u2019s repo"},"footnotes":""},"categories":[316],"tags":[1864,347,504,1866,1865,1221,1668,1863],"class_list":["post-7790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-asks","tag-binance","tag-crypto","tag-cyprus","tag-exit","tag-heat","tag-regulators","tag-turn"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=7790"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/7792"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=7790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=7790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=7790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}