One of the biggest cryptocurrency exchanges in the world, Binance, has obtained a license from the Bank of Spain that will allow it to operate in accordance with regional regulations. This certification indicates that the exchange is currently following its AML/KYC procedures as mandated by the nation’s government. By now, more than 17 businesses have obtained this certification.
Binance receives a business permit from the Bank of Spain.
The Bank of Spain has authorized the cryptocurrency exchange Binance to function in Spain as a Virtual Asset Service Provider (VASP). This indicates that the law enforcement has determined that Binance complies with all AML/KYC procedures established by the Bank of Spain through its Spanish subsidiary Moon Tech Spain, S.L.
This represents a significant accomplishment for the nation’s exchange, which has been applying since January. With the Spanish government’s blessing, the company is now able to provide its cryptocurrency trading and custody services in the nation. Changpeng “CZ” Zhao, the founder and CEO of Binance, said the following about this accomplishment:
The widespread adoption of cryptocurrencies depends on effective regulation. The fact that Moon Tech has registered in Spain is proof of our teams’ dedication to building a platform that prioritizes user security.
With the addition of Binance, there are now more than 17 certified exchanges and custody providers. Bit2me was the first exchange that the organization authorized in February.
The company has plans to broaden its operations and reach in Spain as a result of this development, according to statements made by Quim Giralt, director of Binance Spain. Giralt stated in a statement:
We will significantly increase our staff and operations in Spain after this registration in order to make our services more widely available. In order to serve the Spanish-speaking market and support the expansion of the regional crypto ecosystem, we will be hiring local talent over the coming years.
However, Binance has had some issues with Spanish regulators. The exchange had received criticism from the country’s securities watchdog, the CMNV, for providing derivative products related to cryptocurrencies, including futures contracts. As a result, the business stopped selling these products to customers in Spain in May.
The value proposition of cryptocurrencies has received harsh criticism from the Bank of Spain. The governor of the Spanish central bank, Pablo Hernandez de Cos, has repeatedly expressed concern about the risks associated with integrating cryptocurrencies into traditional finance.