Binance to Leave Cyprus Market

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Binance has submitted an application to the Securities and Exchange Commission to revoke its license in Cyprus.

The company originally obtained the license to operate in the country through its European expansionist policy last October.

Now, Binance is instead focusing on adhering to the EU’s MiCA legislative framework, as it provides services for digital currency storage, exchanging, and portfolio management in France, Italy, and Spain.

The press service of Binance conveyed that the company intends to be fully compliant with MiCA regulations within the next 18 months, and has thus decided to reduce its presence in Cyprus and concentrate on registration in larger markets.