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Binance to Withdraw from Cyprus Following SEC Lawsuit, Here’s a Catch

Wed, 06/14/2023 - 14:20
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Yuri Molchan
The leading global crypto exchange intends to eliminate its crypto trading license in Cyprus
Binance to Withdraw from Cyprus Following SEC Lawsuit, Here’s a Catch
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Bloomberg Terminal has spread the word that Binance intends to withdraw from the market in Cyprus and has filed an application to deregister as a crypto asset service provider, according to the securities regulation website.

The reason for that move has not been provided by the regulator. Binance has been registered with it since October last year. Still, according to Reuters and its source, the crypto exchange never started its business in the aforementioned region, even though it had the right to offer services in spot trading, crypto custody, etc.

Last week, Binance received a major blow from the US securities regulator as it and Coinbase were sued by the SEC on charges of violating US securities laws. Now, Binance intends to defend itself vigorously, Reuters stated.

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After the SEC began its crackdown on Binance, rumors began to appear that the crypto platform started massive sell-offs of its Bitcoin and BNB holdings, which raised concerns in the crypto community.

However, in a recent tweet, the head and co-founder of the exchange Changpeng Zhao (CZ) emotionally refuted these claims.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at