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Learn More about buying BNB in Cyprus
How to buy Binance Coin in Cyprus
Is BNB a good investment in Cyprus?
Binance Coin (BNB) was introduced and launched in July 2017 at the initial coin launch event. At the time of launch, each coin was sold for 15 cents. Binance was able to raise a total of around $15 million from this ICO. The value of Binance's native coin, BNB, has increased significantly over time as a result of the company's explosive growth in the cryptocurrency sector.
The price of BNB cryptocurrency in US dollars increased gradually at first, staying below $50 between 2017 and the beginning of 2021. BNB tokens’ high price record reached $24.71 (in January 2018) during the 2017 to 2018 crypto market bull run. Later, in May 2021, the entire cryptocurrency market experienced a significant uptrend, with some cryptocurrencies setting new all-time highs. As a result, on May 10, 2021, the price of BNB increased from under $50 to an all-time high of $690.93, a 460520 percent rise from its price at the time of the ICO. Additionally, BNB was valued at over $100 billion at the time. By the start of 2023, BNB has been trading between about $245 to $310. Some crypto experts believe that BNB has an outstanding potential to reach new heights. They predicted that it could reach about $1,047 by 2025. In spite of all that, this information is not aiming to act as a buying signal or a financial advice. We encourage you to do your research regarding the crypto market movements and even consulting with a professional before attempting to invest in cryptocurrency.
What is Binance Coin ?
Binance Coin (BNB) is a cryptocurrency that can be used for trading and payment on the Binance platform. This digital currency was first created on the Ethereum network with the purpose of paying transaction fees in the Binance exchange. But in a short time, it moved to its native blockchain, Binance Chain. Binance Chain network was optimized for super-fast transactions. To achieve this goal, the Binance Chain network had to balance between different categories. One of these cases was flexibility in terms of programmability. Therefore, introducing Binance Smart Chain, known as BSC, changed this situation.
In February 2022, Binance’s two main blockchains, Binance Chain and Binance Smart Chain, were grouped together and called the BNB Chain. Binance Coin (BNB) digital currency then was set as a native and exclusive digital currency of the BNB network. This altcoin is based on the ERC-20 standard and follows the same rules governing the Ethereum blockchain. This digital currency makes the Binance Blockchain benefit from the stability and safety of the Ethereum and other Blockchain networks. Also, this digital currency is well protected from theft and has low costs due to its initial creation in the Ethereum network.
Check out Binance coin official website for more information.
Is Binance Coin legal to buy in Cyprus?
Yes, cryptocurrency is legal to buy in Cyprus. In Cyprus, the Cyprus Security and Exchange
Commission (CySec) has been designated as the competent supervisory authority for matters
relating to crypto asset regulations. CySec has issued its regulatory framework through which it
authorizes the trade, sell, buy, hold and many other cryptocurrency transactions. According to
this above-mentioned framework, Cyprus has embraced the use and trade of cryptocurrencies,
and the government has not placed any restrictions on buying or owning digital currencies.
Is Binance Coin taxed in Cyprus
Yes, cryptocurrency is taxed in Cyprus. The tax treatment of cryptocurrencies in Cyprus is
similar to that of other financial assets. Cryptocurrency is taxed in this country according to the
Income Tax Law, the Corporation Tax Law, and the Capital Gains Tax Law. These laws apply to
all forms of income, including income derived from cryptocurrencies, and set the rules for
taxation of profits from trading or investing in cryptocurrencies. According to the above-
mentioned Income Tax Law, income generated from trading or investing in cryptocurrencies is
subject to income tax. Also, if the trading or investment is considered personal, then the profits
are subject to personal income tax. According to the mentioned Corporation Tax Law, if the
trading or investment is considered a business activity, then the profits generated are subject to
corporate tax. The taxation of gains from the sale of cryptocurrencies, in accordance with the
mentioned Capital Gains Tax Law, is subject to capital gains tax in Cyprus. This tax applies to
profits made from the disposal of assets, including cryptocurrencies.
It's important to note that the exact tax treatment of cryptocurrencies may vary based on the
specific circumstances of each case, and it is recommended to seek the advice of a tax
professional for more information. Additionally, the tax laws in Cyprus and the way in which they
apply to cryptocurrencies may change over time, so it is advisable to stay informed of any
updates or changes.
After you've bought Binance Coin in Cyprus
At first, BNB was used to support the Binance exchange's development and marketing with the money raised from it. Binance Coin (BNB) today facilitates discounted crypto trading on Binance in addition to providing holders with access to the launchpad of the exchange and a number of other goods and services. Besides, nowadays Binance Coin is similar to other digital assets in the market from a general point of view. It is a form of digital asset that can increase in value based on user usage and transactions. Users can also hold BNB like other cryptocurrencies in compatible wallets and send and receive this asset directly.
Who can buy Binance Coin in Cyprus?
In Cyprus, anyone who is legally allowed to own and trade financial assets is able to buy
cryptocurrency. This includes citizens, residents, and non-residents. To buy cryptocurrency in
Cyprus, individuals typically need to open an account with a cryptocurrency exchange or broker
that operates in the country. Using an exchange as your cryptocurrency service provider would
be of most convenience. Our secure and trustworthy exchange platform provides a range of
convenient payment methods, including bank transfer, credit/debit card, PayPal, Google Pay,
and Apple Pay, to buy cryptocurrency in Cyprus. With our platform, you can purchase, sell, and
exchange digital tokens using the Euro. Our exchange operates within the bounds of the law
and doesn't have any extra transaction costs.
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Frequently asked questions
Binance Coin is worth buying due to some of its unique usages compared to other cryptocurrencies and its offering of great features that other coins don’t have yet. For example, the Binance Visa card project could greatly increase the adoption of BNB. Since it converts BNB cryptocurrency into fiat when used for payment, this special feature could make BNB more popular. Also, this digital asset has a very high volume of daily transactions. However, perhaps the best value of Binance Coin these days is that it could eventually replace Ethereum because it is cheaper. With Ethereum fees increasing in February 2021, many developers have switched to the Binance Smart Network (BSC), leading to an increase of BNB value.
To report cryptocurrency tax in Cyprus, individuals and businesses must declare their
cryptocurrency-related income on their tax returns. The exact process for reporting
cryptocurrency taxes in Cyprus may vary depending on the specific circumstances of each
case, but generally you would need to gather records of all cryptocurrency transactions
including the date, amount, and type of each transaction, as well as the value of the
cryptocurrency in Euros at the time of the transaction. Then determine whether each transaction
is subject to income tax, corporation tax, or capital gains tax, and calculate the tax owed on
each transaction. Next, file a tax return with the Cyprus Tax Department. The tax return should
include a declaration of all cryptocurrency-related income, as well as any other taxable income.
Additionally, the process of reporting cryptocurrency taxes can be complex, and it is
recommended to seek the advice of a tax professional for more information.
Yes, you can cash out your cryptocurrency assets in Cyprus. To do so, you will need to seek
assistance from a cryptocurrency exchange that operates in the country and allows you to sell
your digital currencies for the Euro. The exchanged currency can then be withdrawn to your
bank account or used for other purposes. Also, our exchange platform does not charge any fees
for selling your cryptocurrencies within our platform.
Our exchange allows you to buy BNB with a minimum order size of $10. You can complete your BNB token purchase using various payment methods provided by our exchange. Choose whichever suits you best and proceed your Binance Coin investment easily.
The popularity of cryptocurrency in Cyprus can be difficult to determine, as it can vary greatly
depending on a range of factors such as local laws and regulations, economic conditions, public
perception, and general technological literacy. However, it is widely reported in various media
outlets and financial websites that the use of cryptocurrencies has been growing in Cyprus,
along with other countries around the world. This growth can be attributed to several factors,
including the increasing awareness of digital currencies and their potential use cases, as well as
advancements in technology that make it easier for individuals and businesses to buy, sell, and
There are several ways to keep your BNB investment safe: One of the most effective ways is to store them in a hardware wallet, which is a physical device that securely stores your private keys. Additionally, you can use a software wallet, which is a digital wallet that can be stored on your computer or mobile device. Plus, our exchange provides a user-friendly personal online wallet that offers additional features and is easily connected to multiple trading options for BNB cryptocurrency, making your trading experience more efficient.