Binance’s Spanish Subsidiary Receives Approval to Operate as Crypto Services Provider

Crypto Regulation
Binance’s Spanish Subsidiary Receives Approval to Operate as Crypto Services Provider

Binance’s Spanish subsidiary Moon Tech Spain has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain. The move comes after the exchange gained European registration in both France and Italy.

Binance Subsidiary Gets Green Light From Bank of Spain

Binance, a leading crypto exchange, has been officially registered by the Bank of Spain as a VASP (virtual asset service provider). This enables the exchange to provide custody and crypto exchange services in the nation legally.

Binance stated in an announcement made on Friday that its Spanish subsidiary, which operates under the name Moon Tech Spain, was officially registered as a VASP on July 7 by the national central bank in Spain. In January, the company filed for registration.

The exchange is now permitted to offer fiat-to-digital asset exchange and wallet custody services in accordance with anti-money laundering and counter-terrorist financing regulations within the country.

Binance CEO Changpeng Zhao stated that the development in Spain is the result of their hard work to build their platform focused on user protection. He emphasized that:

“Effective regulation is essential for the widespread adoption of cryptocurrencies. 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.”

Binance Spain’s director, Quim Giralt, also remarked on the latest developments. According to Giralt, the next step will involve expanding the workforce in Spain and making the exchange’s services more accessible. The executive stated that they would be hiring more local talent to serve the Spanish market and contribute to the country’s ecosystem development.

Binance Continues to Grow in Europe

In May of this year, the firm got approval from French authorities to register as a trading platform in the country. Binance stated that, as a Digital Asset Service Provider (DASP), it would offer cryptocurrency trading and custody services to residential users.

David Princay, CEO of Binance France, said:

“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community.”

Soon after, the firm obtained a second regulatory approval on the Old continent. Binance Italy, its Italian subsidiary, was granted approval to operate as a crypto exchange. However, local legislation required registering with the “Organismo Agenti e Mediatori” (OAM), which regulates the crypto space in Italy.

Zhao hailed the effective partnership between his company and the Italian Ministry of Economy and Finance, as well as the OAM, saying the launch would not have been possible without their support.
It is worth mentioning that, despite its success in France and Italy, Binance has encountered some challenges with a number of other European legislators. Last summer, the company’s derivatives products were suspended by regulators in Germany and the Netherlands.

Rony Roy

Rony Roy is an electrical engineer turned tech author in the Cryptocurrency space. He got block-chained in 2012 and fell in love with tech and its use-cases and has been writing his way through innovations in this emerging sector. Over the years, he has worked with multiple Blockchain projects and premier cryptocurrency exchanges both national and international.