eToro Expands Presence in Europe by Registering Cryptocurrency Services in Cyprus

eToro Expands Crypto Services in Europe with CASP Registration

eToro has recently announced that it has obtained the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). This milestone allows eToro to offer regulated crypto services to all European Union countries under a single entity called eToro Europe Digital Assets.

The company sees this registration as a significant step towards expanding its crypto services across Europe. It plans to fully leverage this opportunity once the EU’s Markets in Crypto-Assets Regulation (MiCA) becomes operational in December 2024.

eToro’s Deputy CEO, Hedva Ber, expressed excitement about embracing the new era for crypto that will be ushered in by MiCA next year. With a large user base in Europe, the company considers the region a crucial market for its global operations.

Binance Takes a Different Path in Europe

While eToro is focusing on strengthening its presence in the European market, Binance is taking a different approach. The prominent cryptocurrency exchange has recently expressed its intention to deregister in Cyprus, citing its broader market focus.

Binance Cyprus Limited is currently under examination for deregistration by the Cyprus Securities and Exchange Commission. Additionally, there have been reports of challenges faced by Binance users in the EU regarding fiat withdrawals, particularly in Euros.

These incidents, along with rumors of Binance distancing itself from its European payment partner Paysafe, have raised questions about the platform’s commitment and operational smoothness in the region.

Hot Take: Contrasting Strategies in Europe’s Crypto Market

While eToro secures CASP registration and prepares to expand its crypto services throughout Europe, Binance takes a different direction by considering deregistration in Cyprus and facing operational challenges in the region. The diverging strategies of these two major players in the European crypto market highlight the complexities and evolving nature of the industry.