Binance Receives License From Bank of Spain
- Now registered as a VASP in Spain, Binance is able to provide AML and CTF compliant crypto exchange and custody services in the country.
- The exchange is now planning to expand its services in Spain, as well as onboard local talent to help grow Spain’s crypto ecosystem.
Binance CEO Changpeng Zhao speaking at an “Ask Us Anything” conference. Binance
Popular cryptocurrency exchange Binance has been granted a registration as a virtual asset service provider (VASP) by the Bank of Spain, the company said in a blog post on 8 July.
According to the announcement, the exchange’s Spanish subsidiary, called Moon Tech Spain, was registered as a VASP by the country’s central bank on July 7, six months after it applied for the registration. Binance is now allowed to provide crypto asset exchange and custody services in Spain, in compliance with the nation’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules. The CEO of Binance, Changpeng “CZ” Zhao, said in a statement:
“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 acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else.”
The director of Binanace Spain, Quim Giralt, further said that the exchange was now planning to “significantly expand” its operations in the country, and make its services “more accessible to everyone”. He also noted that Binance will now be looking to onboard more local talent, as to help “grow the local crypto ecosystem”.
This is not the first time Binance has acquired a VASP approval from an European nation, with the exchange getting included in the list of registered digital asset service providers by the Autorité des marchés financiers (AMF) — the French financial regulator — back in May. In recent months, the popular crypto exchange had also acquired operating licenses from Dubai and Bahrain, expanding its presence in the Middle East. This push for licenses around the world came after a year in which the exchange received a string of warnings from regulators about its lack of authorization to operate in certain markets.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.