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Cyprus Airports Report Record Passenger Traffic In October 2024, Ministry Confirms Historic Year

Passenger numbers at Cyprus’ Larnaca and Paphos airports rose by 7.14% in October 2024 compared to the same month last year, as reported by the Ministry of Transport, Communications, and Works. This surge supports forecasts that 2024 will be a record-breaking year for the country’s two major airports, with total passenger numbers expected to exceed 12 million by year-end.

According to a Ministry press release, the January to October period has seen unprecedented passenger volumes, despite the challenges posed by rising geopolitical tensions. Overall, passenger traffic for the first ten months of the year rose by 5.3% compared to the same period in 2023, reinforcing the upward trend in air travel demand for Cyprus.

In October alone, Larnaca Airport recorded an 8.8% increase in passenger numbers, while Paphos Airport experienced a 3.2% rise. Larnaca saw nearly 1 million travellers (957,625), while Paphos welcomed 380,440 passengers, marking October as one of the busiest months in recent history.

The primary travel markets for these airports were the United Kingdom, Greece, Israel, Poland, and Germany. Flight traffic also saw a significant boost, with a 10.54% increase in October compared to the previous year, totalling 10,390 flights. 

Revised projections from the Ministry now anticipate a historic year for both airports, driven by sustained demand. As 2024 draws to a close, Larnaca and Paphos are poised to surpass 12 million passengers, setting a new benchmark for the island’s aviation sector.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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