Cryptocurrency exchange Binance has filed an application with the Cyprus Securities and Exchange Commission (CySEC) to revoke its registration.
According to the agency’s website, a request from Binance Cyprus Limited is under review by the regulator.
The company received CySEC approval as a cryptocurrency-related service provider in October 2022.
“We are working hard to prepare our business for full compliance MiCAwhen the document goes into effect within the next 18 months,” a Binance spokesperson told The Block.
The company is winding down operations in Cyprus to focus on interacting with fewer regulators in Europe. The exchange has licenses in larger markets like France, Italy and Spain, he said.
“Binance will continue to comply with applicable EU law,” the spokesperson added.
He did not give a date for applying for the withdrawal of registration in Cyprus. According to him, this happened before the June 5 filing of a lawsuit against the exchange and its CEO by the US Securities and Exchange Commission.
Recall that in early June, the media reported on the possible reduction of Binance to 20% of employees.
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