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Binance applies to de-register its crypto asset services in Cyprus

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As of 14 June, Binance applied to deregister its crypto asset services in Cyprus. This news comes to light a few days after Binance.US got into trouble with the SEC.

Binance applies to deregister its crypto asset services in Cyprus

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  • Binance has filed to deregister its business operations in Cyprus
  • The exchange has not provided a reason for the development in its filing with the Cyprus Securities

The world’s largest crypto exchange – Binance – has been a hot topic in the crypto market ever since the U.S. Securities and Exchanges Commission (SEC) sued it. In the latest developments, the exchange seems to be backtracking on its plans for Cyprus. According to the Cyprus securities website, Binance has applied to deregister its crypto asset services.

The exchange received a class 3 registration as a crypto asset service provider in October 2022. And, it covers its service to exchange fiat and crypto, transfer or custody crypto, and offer or sell any virtual assets.

Notably, a report by Reuters claims that the crypto exchange did not launch its business services in the region despite having gained approval. Additionally, the securities website does not mention when the exchange applied to deregister its services and the reason for the exchange’s move. Binance has also not released a statement on the development, at press time.

Binance vs U.S. SEC

Subsequently, Binance had its first confrontation with the U.S. SEC in court on 13 June. The subject of the hearing was the SEC’s restraining order for Binance.US. The restraining order sought to freeze the assets of Binance.US and remove all access Binance’s CEO – Changpeng Zhao had to the American wing. This motion was filed days after the SEC launched a lawsuit against the exchange, its American Wing, and its founder CZ.

The court, however, rejected the commission’s order and redirected both parties to come up with a deal with a magistrate judge. Both parties will have to give an update on the same by 15 June 2023. Notably, the rejection was a win for Binance.US as the asset freeze would have been presented as a “death penalty” against the exchange.

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Priya is a freelance cryptocurrency writer at AMBCrypto. A student in business administration, Priya focuses on the latest developments in the cryptocurrency and blockchain technology space.
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