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Binance, a cryptocurrency exchange, has announced its request to revoke the registration of its Cyprus unit as a crypto service provider. This decision aims to prioritize efforts towards complying with the regulations set forth by the European Union's Markets in Crypto Assets (MiCA) legislation.
The decision was made shortly after the world's leading cryptocurrency exchange faced a lawsuit from the U.S. Securities and Exchange Commission (SEC). The lawsuit, which included accusations of operating without proper registration and offering unregistered securities, prompted the move.
The website of the Cyprus Securities and Exchange Commission has stated that the exchange is currently "under examination for application for deregistration," with no specific explanation provided.
"We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months," a Binance spokesperson said in an email to CoinDesk. "To that end, we have made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU."
Binance was granted registration as a Crypto Asset Service Provider (CASP) in October of the previous year, authorizing the provision of spot, custody, staking, and card services in Cyprus.
