Binance has submitted an application to the Cyprus Securities and Exchange Commission (CySEC) to revoke their registration as cryptocurrency-related service providers, according to the agency’s records.
A Binance spokesperson told The Block that the company is working hard to comply with what the imminent MiCA template requires, in terms of regulation, in the next 18 months.
To best do so, Binance is refocusing their presence in Europe with fewer supervisor’s, and will eliminate operations in Cyprus in order to remain compliant.
Even though no exact date was given on the withdrawal from the Cyprus regulator, it was stated that it happened prior to the June 5 filing where the US Securities and Exchange Commission sued Binance and its CEO.
The media also reported back in early June that the company has plans to reduce their current employee base by 20%.
