eToro Gains Footing In Europe With Crypto Registration In Cyprus

eToro has taken steps to solidify its position in the European market. The company recently announced it obtained the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC).

Embracing The Future Of Crypto In Europe?

As of September 21, eToro officially revealed their newly obtained CASP registration, signifying a new chapter in their European journey. The firm, known for its preference towards crypto, is preparing to expand its crypto services across the continent.

The CASP registration is no ordinary milestone for eToro. It positions the company to provide regulated crypto services to all European Union countries under a single entity, eToro Europe Digital Assets.

According to the announcement, this move will gain full traction once the EU’s Markets in Crypto-Assets Regulation (MiCA) is operational in December 2024.

Deputy CEO of eToro, Hedva Ber, articulated the company’s stance on this development. Ber stated that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.”

Underscoring the significance of the European market, Ber highlighted that most eToro users hail from the region, making Europe a pivotal point for their global operations.

Binance’s European Saga: A Different Direction

In the crypto realm, the path for every player is unique. While eToro capitalizes on its new registration to delve deeper into the European market, Binance, another giant in the crypto world, seems to be treading a different path.

It is worth noting that Binance has particularly been making headlines for different reasons recently. Earlier in June, Binance expressed its intent to deregister in Cyprus, citing its focus on broader markets.

The Cyprus Securities and Exchange Commission noted Binance Cyprus Limited’s status as “Under examination for application for deregistration.”

Furthermore, there have been recent whispers about Binance’s distancing from its European payment partner, Paysafe. Some Binance users in the EU have reported challenges with fiat withdrawals, especially in Euros.

As reported by Bitcoinist, Ervin Ursic Kovac, a Binance user, shared his experience with CoinDesk, explaining how a transaction involving ETH was halted due to an unexpected notification from Paysafe. Such incidents have raised questions about the platform’s commitment and operational smoothness in the region.

The notification read:

As a high-frequency Paysafe service user, Paysafe closed your account early to speed up this process. Any remaining EUR/GBP in your account can be withdrawn once the review is completed.

Featured image from Euromoney, Chart from TradingView

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