The world’s largest crypto exchange platform by trading volume is reportedly preparing to leave the country of Cyprus to focus on other European markets.
Binance is taking steps to de-register its Cypriot arm, which was approved by the country’s government in late 2022, to better serve its other branches in the European Union (EU), according to a new report from Bloomberg.
A spokesperson for the company told Bloomberg it had “made the decision to withdraw efforts in Cyprus to focus on our efforts on less regulated entities in the EU, especially our larger registered markets where we already have a mature footprint. “
Binance’s withdrawal means it will no longer be able to offer its services to clients in Cyprus or provide services in or from the country, at least until new EU regulations come into effect, the report said.
The new guidelines, known as the Markets in Crypto Assets (MiCA) Regulations, will take effect from January 2025 and will allow companies to forward their existing registrations from other EU locations.
Within the EU, Binance also has branches in France, Italy and Spain.
Proposed in 2020 and adopted in 2022, MiCA is the first set of comprehensive regulations for the digital asset industry.
Last week, Binance and its CEO Changpeng Zhao were both sued by the US Securities and Exchange Commission (SEC) for allegedly violating securities laws.
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