Binance, one of the world’s largest crypto exchanges, has secured a license from the Bank of Spain that allows the exchange to operate in compliance with local laws. This certification means that the exchange is now in compliance with the AML/KYC process required by the country’s government. To date, more than 17 companies have received this certification.
Binance receives operating license from the Bank of Spain
Cryptocurrency exchange Binance has receivedcertification from the Bank of Spain to operate as aVirtual Asset Service Provider (VASP) in the country. This means that the authorities have recognized that Binance, through its Spanish subsidiary Moon Tech Spain, S.L., has complied with all AML/KYC processes set forth by the Bank of Spain.
This is a major milestone for the country’s exchange, which had applied for this certification since January. The company can now offer cryptocurrency trading and custody services in the country with the approval of the Spanish authorities. Commenting on this achievement, Changpeng “CZ” Zhao, founder and CEO of Binance, said.
Effective regulation is essential for the widespread adoption of cryptocurrencies, and Moon Tech’s registration in Spain is a recognition of our team’s hard work and commitment to providing a platform that places user protection above all else.
Binance currently has over 17 accredited exchanges and custody providers. The first exchange to be approved by the institution was Bit2me in February.
Future Plans
According to a statement byQuim Giralt, director of Binance Spain, has plans to expand its operations and reach in Spain after this rollout. In a statement, Giralt declared.
With this registration, we will significantly expand our team and operations in Spain and make our services available to a wider audience. Over the next few years, we will be hiring local talent to serve the Spanish-speaking market and help grow the local crypto ecosystem.
However, Binance is facing some issues with Spanish regulators. The exchange has been reprimanded by the country’s securities regulator, CMNV, for offering cryptocurrency-related derivative products, including futures contracts. As a result, the firm stopped offering these products to its Spain-based clients in May.
The Bank of Spain is highly critical of cryptocurrencies and their value proposition. Bank of Spain Governor Pablo Hernandez de Cos has repeatedly warned about the cryptocurrency market and the risks of including them in traditional finance.
Image Credits: Shutterstock, Pixabay, Wiki Commons, DMegias, Shutterstock.com.