Binance plans to leave Cyprus and focus on regional markets

Cryptocurrency exchange Binance plans to withdraw from the Cypriot market. The company sent an application to the Securities and Exchange Commission to revoke the license.

The Cyprus regulator registered Binance as a digital currency exchange operator last October.

The decision to enter the Cypriot market was made as part of the exchange’s European expansionist policy.

Previously, Binance registered its offices in France, Italy and Spain. These countries have allowed the platform to provide services for storing and exchanging digital currencies, as well as managing investor portfolios.

Now the company will focus only on the MiCA legislation adopted by the EU authorities.

The press service of Binance emphasized:

We are preparing our business to be fully compliant with MiCA when implemented within the next 18 months. That is why we have decided to scale down our presence in Cyprus and focus on registration in larger markets.