Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange operate in compliance with the local laws. This certification means that the exchange is currently complying with its AML/KYC processes required by the government of the country. More than 17 companies have received this certification by now.
Binance Gets Operating License From the Bank of Spain
Binance, the cryptocurrency exchange, has received the certification of the Bank of Spain to operate as a Virtual Asset Service Provider (VASP) in the country. This means that the authorities have found that Binance, through its Spanish subsidiary Moon Tech Spain, S.L., complies with all of the AML/KYC processes established by the Bank of Spain.
This is a major milestone for the exchange in the country, that had applied to receive this certification since January. The company is now allowed to offer its cryptocurrency trading and custody services in the country with the approval of the Spanish authorities. About this achievement, Changpeng “CZ” Zhao, founder and CEO of Binance, stated:
Effective regulation is essential for the widespread adoption of cryptocurrencies. Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else.
With Binance, more than 17 exchanges and custody providers have now been certified. The first exchange approved by the institution was Bit2me back in February.
Future Plans
According to statements from Quim Giralt, director of Binance Spain, the company has plans to expand its operations and reach in Spain after this development. In a statement, Giralt declared:
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.
However, Binance has faced some problems with regulators in Spain. The exchange had been reprimanded by the securities regulator in the country, the CMNV, about its offer of cryptocurrency-related derivative products, including futures contracts. As a result, the company stopped offering these products to Spain-based customers in May.
The Bank of Spain has been very critical of cryptocurrencies and their value proposition. Pablo Hernandez de Cos, the governor of the bank of Spain, has repeatedly warned about cryptocurrency markets and the risk of including them in traditional finance.
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