Binance Files to Revoke Registration in Cyprus

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

The request from Binance Cyprus Limited is currently under review, though no date has been given for when it was applied for.

According to a Binance spokesperson, the company sought to become compliant with EU law through MiCA compliance, but in order to achieve this, they will focus their efforts on interacting with fewer regulators in European markets where they hold licenses.

This decision was made prior to the lawsuit against the exchange and its CEO by the US SEC in June. Reports emerged in early June of possible staff reductions of up to 20%.