The world’s largest cryptocurrency exchange – Binance – doubled down on its European expansion plans. The company’s subsidiary – Moon Tech Spain – received a regulatory approval to register as a Virtual Asset Services Provider (VASP) in the Iberian country.
Binance to strengthen its presence in Spain
According to a document shared with cryptopotato, the Bank of Spain’s green light comes six months after Binance’s subsidiary – Moon Tech – applied for registration. As a result, the leading platform will be able to offer crypto exchange and custody services to Spanish customers. Such solutions will be provided in compliance with local requirements, including anti-money laundering and counter-terrorism financing regulations.
In addition, the Bank of Spain will monitor whether VASP and its officers comply with the professional and commercial jurisdiction in the country.
Binance CEO Changpeng Zhao argued that “effective regulation” is vital to the progress and widespread adoption of the cryptocurrency sector. He also said that his company has invested a considerable amount to create a safe environment for its customers.
“Moontech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to provide a platform that puts users’ safety above all else,” Zhao said.
For his part, Quim Giralt – director of Binance Spain – believed that the license would allow the exchange to expand its team and operations in that region:
“In the coming years, we will be hiring local talent to serve the Spanish-speaking market and help grow the local crypto ecosystem.”
Binance Expansion in Europe
In May this year, the organization received a nod from the French regulators to register as a trading platform in the country. As a Digital Asset Service Provider (DASP), Binance said it will provide crypto trading and custody services for home users.
Soon after, the company received a second regulatory approval on the Old Continent. Its Italian subsidiary – Binance Italy – was granted permission to operate as a cryptocurrency service provider. However, according to local law, it had to be registered with the “Organismo Agenti e Mediatori” (OAM).
Zhao praised the successful collaboration between his firm and the Italian Ministry of Economy and Finance and OAM, saying the launch would not have been possible without their cooperation.
It is worth noting that despite its progress in France and Italy, Binance has some issues with many other European legislators. Last summer, Sentinel blocked the company’s derivatives products in Germany and the Netherlands.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.