Binance says ‘Hola Espana!’ stepping into Spain

Sahana Kiran
Source – Unsplash

The world’s largest cryptocurrency, Binance, has been traveling worldwide, hoping to find a place to call home. Meanwhile, the platform has garnered licenses from regulators to set up shop. After bagging a regulatory nod from Italian regulators, Binance’s Spain subsidiary also managed to get a green signal.

Binance took to Twitter and revealed that Moon Tech Spain SL, an exchange subsidiary, had attained registration as a Virtual Asset Services Provider [VASP]. The Bank of Spain granted this registration on the 7th of July, 2022. It wasn’t an easy task as the exchange had applied for registration in January 2022.

Thanks to this registration, Binance would now be able to offer both crypto exchange as well as custody services. Regulations have become an integral part of the crypto-verse, so attaining legal approval has become essential. With its latest registration, the CZ-led exchange would comply with the country’s anti-money laundering [AML] and counter-terrorism financing [CTF] rules.

Further elaborating on the importance of regulations, Changpeng Zhao, the CEO of the exchange, said,

“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’s Euro Trip

Expansion is on the cards for Binance. Over the last couple of months, CZ has traveled all over the globe for the same. In May this year, the crypto exchange marked its Europe journey by acquiring regulatory approval in France.

This was another green signal from Italian regulators. Binance Italy managed to bag a registration as a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ [OAM].

The crypto exchange seems to be veering into major markets despite the cryptos’ downtrend. After France, Italy, and Spain, the exchange would likely take its business to another region as part of its European vision.