Binance Cyprus Unit To Deregister Crypto Services
Binance, the world’s largest cryptocurrency exchange, has requested to be deregistered as a Crypto Asset Service Provider in Cyprus, citing legal concerns in the United States. However, the rationale for the deregistration application was not specified on the official website of Cyprus’s securities regulator.
As of currently, the reason behind Binance’s decision to deregister in Cyprus is unknown. In the meantime, the exchange declared its intention to register with the Securities and Exchange Commission in October 2022. According to rumours, the world’s largest exchange never opened its doors in Cyprus. Binance, on the other hand, has remained silent in response to its recent action.
The Securities and Exchange Commission and the Commodity Futures Trading Commission have also filed lawsuits against the Bitcoin exchange and its management. Binance Entities and its creator, Changpeng Zhao, were charged with 13 counts by the SEC.
(With inputs from Shikha Singh)
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