Binance’s Cyprus unit seeks deregistration as crypto service provider

Binance has applied to deregister its Cyprus unit from the country’s register of crypto asset service providers. The exchange intends to focus on its activities in larger European markets such as France, Spain and Italy ahead of the implementation of the EU’s crypto asset regulations (MiCA), according to a spokesperson. An official from the Cyprus Securities and Exchange Commission (CySEC) said Binance never launched its business in the country. Binance has previously stated that the registration allowed it to offer spot trading, custody and other services in compliance with Cyprus AML and CTF rules.