Binance granted crypto registration from Spanish central bank
Important takeaways
- Binance’s Spanish subsidiary Moon Tech Spain, SL has been awarded a Virtual Assets Services Provider registration by the Spanish central bank.
- The registration gives Binance approval to offer crypto exchanges and custody services in Spain in line with guidelines for anti-money laundering and terrorist financing.
- Many crypto companies have suffered in recent weeks as the market has fallen, but Binance seems unaffected.
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The approval will allow Binance to provide exchange and custody services in Spain in accordance with anti-money laundering and terrorist financing regulations.
Bank of Spain gives the green light to Binance registration
Binance is expanding its presence in Spain.
IN a blog post on Fridayannounced the leading cryptocurrency exchange that its Spanish subsidiary, Moon Tech Spain, SL, had been registered as a Virtual Assets Services Provider by the Bank of Spain.
The registration gives Binance approval to offer crypto exchanges and depository services in Spain in accordance with regulations for registration of anti-money laundering and anti-terrorist financing.
This comes after Binance recently announced that they had achieved similar victories in France and Italy, as it looks set to expand its services across Europe.
The company’s founder and CEO, Changpeng “CZ” Zhao, commented on the development and reiterated that he believed cryptoregulation was “essential” to help crypto growth. “We have invested significantly in compliance and introduced AMLD 5- and 6-compliant tools and guidelines to ensure that our platform remains the safest and most reliable in the industry,” he added. “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.”
According to the blog post, Binance Spain plans to hire new ones at the back of the registration, and defies a trend that has seen many top crypto companies cut their workforce in the midst of the ongoing market downturn.
Many crypto exchanges have been hit hard in the recession, but Binance seems to be staying strong based on recent activities. The exchange was crypto’s first to offer free Bitcoin-to-fiat trading this week, and CZ has not shyed away from criticizing any of the industry’s best players throughout the drama. Last month, he said rescue packages offered by the likes of Binance’s competitor FTX “do not make sense” for poorly managed companies, and he was among the top critics of Terraform Labs when Terra imploded.
Binance is the world’s best cryptocurrency exchange. According to CoinGecko data, its main spot and derivatives offer currently handles around $ 66.5 billion in daily trading volume despite declining interest in the crypto market. While Moon Tech Spain, SL is much smaller than Binance, the successful registration gives the company an opportunity to further strengthen its position as the number one crypto exchange.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
