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.
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.
About this achievement, Changpeng “CZ” Zhao, founder and CEO of Binance, stated:
Effective regulation is essential for the widespread adoption of cryptocurrencies. 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.
With Binance, more than 17 exchanges and custody 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 has plans to expand its operations and reach in Spain after this development. In a statement, Giralt declared:
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.
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.
