Binance Obtains License To Operate In Spain

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Binance Vows To Seek Licensing Approval, and Increase KYC Compliance with Regulators Globally
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Binance, the world’s largest cryptocurrency exchange by trading volume, has disclosed the procurement of a registration license to operate as a Virtual Asset Service Provider (VASP) via one of its subsidiaries in Spain.

In an official blog post on its website, Binance revealed that the registration license was issued to its Spain-based subsidiary Moon Tech Spain, S.L. by the Bank of Spain on 7 July after having applied on 28 January. The registration gives Binance the regulatory liberty to “offer crypto-asset exchange and custody services in Spain”, the blog says.

Binance’s operations will comply with the conditions spelled out by the unique Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) rules established within the region.

Speaking on the milestone, Director of Binance Spain, Quim Giralt, noted, “Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone.” He further added that to grow its team, the firm will incorporate local talent to provide services to the budding Spanish-speaking market and develop the local crypto ecosystem.

Changpeng “CZ” Zhao, CEO of Binance, also noted his firm’s dedication to making sure they provide the safest environment for crypto activities within any region they penetrate. Speaking further, he said, “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.”

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Despite the Crypto Winter that has adversely affected a lot of entities within the space, Binance appears to be expanding of late, against all odds. The exchange revealed that it had received a license to operate as a Digital Asset Service Provider in France on 5 May, making it its first DASP registration in Europe.

Three weeks later, the firm expanded its services to the Italian market, having received another license as a Cryptocurrency Service Provider in Italy. The approval gave Binance the regulatory backing to offer crypto products to Italian residents.

A day before revealing this feat, the exchange had notified the general public of an upgrade of its Bahrain operating license to offer more crypto services to residents in the Kingdom of Bahrain; and, barely two weeks prior, it received a Virtual Asset License to offer limited exchange products to Dubai investors.