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Binance Obtains License to Operate as Virtual Asset Service Provider in Spain

Binance Obtains License to Operate as Virtual Asset Service Provider in Spain

Cryptocurrency exchange Binance has secured registration by the Bank of Spain to offer cryptocurrency trading and custody services via its Moon Tech subsidiary. The license allows Binance to operate complying with the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules as required by the Spanish government. As it stands, more than 17 companies have received this licensing from the government. Moon Tech Spain was granted registration by the Bank of Spain on July 7, 2022, after having applied on January 28, 2022.

Regulating The Cryptocurrency Ecosystem In Spain

One of the world’s largest cryptocurrency exchanges, Binance, has received a license to operate as a Virtual Asset Service Provider (VASP) in Spain. The certification was granted after Spanish authorities found that the exchange through its subsidiary Moon Tech Spain, complies with all the necessary AML/CTF regulations established by the country’s central bank. The Bank of Spain is responsible for overseeing compliance with AML/CTF rules for VASPs that offer exchange services for euros and other currencies for cryptocurrency assets. Bit2Me was the first cryptocurrency platform in the world to be recognised by the Bank of Spain as a provider of services for exchanging virtual currency for fiduciary currency and custody of electronic wallets. It received such recognition in February 2022.

Founder and CEO of Binance, Changpeng Zhao commented:

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. 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. 

Digital asset service providers have seen a massive uptake in demand for cryptocurrency trading and wallet services in Spain in recent times, with the Director of Binance Spain, Quim Giralt, stating that the company intends to hire local talent to facilitate the growth of the cryptocurrency market in the country. He noted:

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.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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