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Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that allows the exchange to operate in accordance with local laws. This certification means that Oslo Børs currently complies with its AML / KYC processes required by the authorities in the country. More than 17 companies have received this certification now.
Binance, the cryptocurrency exchange, has received the certification from the Bank of Spain to operate as a Virtual Asset Service Provider (VASP) in the country. This means that the authorities have found that Binance, through its Spanish subsidiary Moon Tech Spain, SL, complies with all AML / KYC processes established by the Bank of Spain.
This is an important milestone for the stock exchange in the country, which had applied to receive this certification since January. The company is now allowed to offer its cryptocurrency trading and depository services in the country with approval from the Spanish authorities. Changpeng “CZ” Zhao, Founder and CEO of Binance, commented on this achievement:
Effective regulation is crucial for the widespread use of cryptocurrencies. Moon Tech’s registration in Spain is a recognition of the hard work and commitment of our teams to provide a platform that puts user protection above all else.
With Binance, more than 17 exchanges and depository providers have now been certified. The first exchange approved by the institution was Bit2me back in February.
According to statements from Quim Giralt, director of Binance Spain, the company plans to expand its business and now in Spain after this development. In a statement, Giralt stated:
Following this registration, we will significantly expand our team and business in Spain to make our services more accessible to all. In the coming years, we will hire local talent to serve the Spanish-speaking market and help grow the local crypto ecosystem.
However, Binance has encountered some problems with regulators in Spain. The stock exchange had been reprimanded by the country’s securities regulator, CMNV, for its offer of cryptocurrency-related derivative products, including futures contracts. As a result, the company stopped offering these products to Spain-based customers in May.
The Bank of Spain has been very critical of cryptocurrencies and their value propositions. Pablo Hernandez de Cos, the governor of the Bank of Spain, has repeatedly warned about cryptocurrency markets and the risks of including them in traditional finance.
What do you think about Binance achieving VASP certification in Spain? Tell us in the comments section below.
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