Binance seeks to withdraw its Cyprus registration

The cryptocurrency exchange Binance has filed an application with the Cyprus Securities and Exchange Commission (CySEC) to withdraw its registration.

According to the regulator’s site, the request from Binance Cyprus Limited is under review by the regulator.

The company received CySEC’s approval as a provider of crypto-related services in October 2022.

“We are making every effort to prepare our business for full compliance with MiCA when the document comes into force within the next 18 months,” a Binance representative told The Block.

The company is winding down operations in Cyprus to focus on dealing with a smaller number of regulators in Europe. The exchange holds licences for larger markets such as France, Italy and Spain, he noted.

“Binance will continue to comply with existing EU law,” the exchange’s representative added.

He did not specify the date of filing the withdrawal registration request in Cyprus. He said this occurred before June 5, a suit against the exchange and its CEO by the U.S. Securities and Exchange Commission.

Earlier in June, media reported a possible reduction of Binance’s staff by up to 20%.