Approval of Binance’s Registration in Cyprus
Binance Coin’s price movement has been heavily influenced by Binance, the world’s largest cryptocurrency exchange. However, the crypto market has been hit hard over the last several months, leaving BNB with no clear direction of movement. Binance, on the other hand, shows no signs of slowing down in its international growth. It just opened up in yet another big European Union country-Cyprus.
Binance in Cyprus? Yes!
In Cyprus, cryptocurrency exchange Binance has finally arrived. Binance’s Cypriot subsidiary, Binance Cyprus Limited, said on Thursday that its application for Class 3 registration as a Crypto Asset Services Provider (CASP) was approved by the Cyprus Securities and Exchange Commission.
Cyprus residents would then be able to use Binance’s services after registering. Spot trading, custodianship, staking, and card services fall under this category. The crypto exchange was able to get registered with CySEC on October 20 due to its compliance with AML/CTF regulations.
CZ, CEO of Binance, responded on the green light, stating that Binance is widely regarded as having industry-leading anti-money laundering and counter-terrorist financing standards. Their registration in Cyprus is evidence of the efforts they’ve made to stay on the cutting edge of compliance.
No Change in Binance Coin’s Price
Although the statement was made, the BNB price showed no discernible adjustment. For the last two months, BNB has been trading at a steady $272.8. Maintaining support from a downtrend that has been in place for the last ten months, it has just lost the backing of a more intermediate-term uptrend line.
Until May of this year, $331 served as a key support level for BNB, so a climb back up to that price is necessary to reclaim those losses.