"Why not? Because Binance doesn't think its operations will expand there?"
Cryptocurrency giant Binance has filed an application to cancel its registration as a Crypto Asset Service Provider in Cyprus, however the official website of the country's securities regulator still does not reveal the reason.
The string, various questions arose among the crypto community in thinking about why Binance acted in such a way after the crypto exchange in October 2022 announced its registration with the Securities and Exchange Commission (SEC).
Despite this, Binance has never started its operations in Cyprus until now and now, the crypto exchange still does not give any feedback regarding the steps it has taken.
It is well known that Binance, which complies with the country's money laundering and anti-terrorist financing regulations, has offered spot trading and several other services to Cypriots.
However, Binance has recently experienced various obstacles such as legal battles with the United States (US) SEC and the Commodity Futures Trading Commission (CFTC).
The SEC has filed 13 charges against Binance including Chief Executive Officer (CEO) Changpeng Zhao (CZ) for offering unregistered securities in violation of its laws.
As of this writing, Binance Coin (BNB) has plunged by 4.53% to $238 in the last 24 hours with a market cap of $37 billion and recorded a decline of around 7.72% over the last week.
