Cryptocurrency exchange Binance’s Cyprus unit is facing the possibility of being deregistered as a crypto service provider, as indicated on the website of the Cyprus Securities and Exchange Commission (CySEC).

The regulatory authority has stated that the exchange is currently “under examination for application for deregistration.” The exact reason for this potential change has not been specified on the website.

Binance crypto exchanges has not yet provided a response. It is worth noting that Binance’s Cyprus unit obtained registration as a crypto asset service provider (CASP) in October of the previous year.

This registration allowed the exchange to offer various services in Cyprus, including spot trading, custody, staking, and card services.