Binance wants to cancel its registration for cryptocurrency services in Cyprus.

The cryptocurrency exchange Binance has requested the deregistration of its Cyprus unit as a crypto service provider, in order to focus on complying with the European Union’s Markets in Crypto Assets (MiCA) legislation.

This decision was made just days after the world’s largest crypto exchange was sued by the U.S. Securities and Exchange Commission (SEC), accused of operating without registration and offering unregistered securities.

The Cyprus Securities and Exchange Commission website has stated that the exchange is “under examination for application for deregistration,” without providing a reason for this.

A spokesperson for Binance stated in an email to blockchain that “We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months. To that end, we have made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU.”

Binance was granted registration as a crypto asset service provider (CASP) in October of last year, allowing it to offer spot, custody, staking and card services in Cyprus.

Read More: Binance CEO Hits Back at Rumors of Exchange Selling Bitcoin for BNB Coin

UPDATE (June 14, 14:20 UTC): Adds comment from spokesperson starting in first paragraph, U.S. SEC lawsuit in second.

Edited by Sheldon Reback.

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