Binance is one of the most popular crypto exchanges in the world. The Bank of Spain has granted the license that allows the exchange to operate within the laws of Spain. This means the exchange currently complies with all AML/KYC procedures required by the government. This certification is currently in effect for more than 17 companies.
Bank of Spain issues Binance an operating license
Binance has been granted certification by the Bank of Spain for its operation as a Virtual Asset Service Provider in Spain. The authorities found that Binance’s Spanish subsidiary Moon Tech Spain S.L. complies fully with the Bank of Spain’s AML/KYC procedures.
The certification is an important milestone for the national exchange, which had been applying since January to obtain it. With the Spanish approval, the company can now offer cryptocurrency trading and custody services to the country. About this achievement, Changpeng “CZ” Zhao, founder and CEO of Binance, stated:
It is vital that cryptocurrencies are regulated properly in order to be widely adopted. 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.
Binance now has certification for more than 17 custodial providers and exchanges. Bit2me, the institution’s first approved exchange was certified in February.
Future Plans
Based on statements by Quim Giralt is the director at Binance Spain. After this development, the company intends to grow its operations in Spain. In a statement, Giralt declared:
We will be significantly expanding our operations and team in Spain following this registration to ensure that our services are more easily accessible for everyone. In the next few years, we plan to recruit local talent for the Spanish-speaking market as well as help grow the local crypto industry.
Binance however has encountered problems in Spain with its Spanish regulators. The exchange had been reprimanded by the securities regulator in the country, the CMNV, about its offer of cryptocurrency-related derivative products, including futures contracts. The company stopped selling these products in May to customers based in Spain.
The Bank of Spain is very critical of cryptocurrency and its value proposition. Pablo Hernandez de Cos is the Governor of Spain’s Bank. He has warned repeatedly about the risks of cryptocurrency markets being included in traditional finance.
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