While the world's largest crypto exchange Binance has been on the agenda with the lawsuit filed by the SEC for the last week, a new move has come from Binance.
According to The Block's report, Binance has applied for the cancellation of the Cyprus license.
There was no official statement from Binance, but it is understood on the Cyprus Securities and Exchange Commission (CYSEC) website that the Cyprus branch of Binance has filed for license cancellation.
The following statements were seen on CYSEC's website:
"Binance Cyprus Limited is under review for license deregistration application."
It remains unclear when Binance filed for license revocation and why it did not want to operate in Cyprus.
Binance Cyprus received permission from CYSEC in October 2022 for Binance to provide services including spot, custodian, staking and card services in accordance with the requirements of CySEC's anti-money laundering and counter-terrorism financing (AML/CTF) rules.
During this permit, Binance Vice President for Europe Martin Bruncko said, "The registration in Cyprus is an important step in our growth in Europe and another sign of our commitment to the region. We look forward to building our local team in Cyprus and helping develop the local crypto ecosystem." he said.
*Not investment advice.