Binance Secures Regulatory Approval in Spain

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Global cryptocurrency exchange Binance announced that the Bank of Spain granted its Spanish subsidiary, Moon Tech Spain, S.L., a Virtual Asset Services Provider (VASP) registration last July 7, 2022, after applying last January 28 of the same year.

“This registration will allow Binance to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules,” the announcement read.

The Bank of Spain is the regulatory body in-charge of monitoring exchanges with a VASP license in following the country’s AML and CTF laws.

“Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the coming years we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem,” said Quim Giralt, Director of Binance Spain.

This is the third registration of the company as an asset services provider in Europe.

Last May, the crypto exchange secured licenses in France and Italy.

According to Changpeng Zhao, also known as CZ, the CEO and founder of Binance, effective regulation is an essential thing for the widespread adoption of crypto around the globe.

“We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry. Moon Tech’s registration in Spain is an acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else,” CZ added.

Binance is also operating in the country, and is the first to create a local peer-to-peer market for Smooth Love Potion (SLP), the in-game token of blockchain game Axie Infinity.

Just recently, Infrawatch PH, a local policy think tank, after Infrawatch PH asked the Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI) to ban Binance over allegedly operating illegally and promoting its unlicensed services, respectively.

Binance immediately answered these allegations, stating that the company is in continuous discussions with regulators and stakeholders in the country.

Timeline of Events:

Despite this current issue, CZ announced that Binance is still looking to hire 2,000 more people to fill newly opened positions due to the firm’s new sponsorships and partnerships.

This article is published on BitPinas: Binance Secures Regulatory Approval in Spain

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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