Spain is the third nation in the European Union to register Binance as a provider of digital assets, following France and Italy. Leading cryptocurrency exchange Binance revealed today that on July 7, its Spanish subsidiary Moon Tech Spain registered as a Virtual Asset Service Provider (VASP) with the Bank of Spain.
According to Binance CEO Changpeng Zhao, “Moon Tech’s registration in Spain is an acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else.”
On January 28, Binance started the VASP registration process. Following yesterday’s permission, the cryptocurrency exchange can now provide its services throughout Spain while fully adhering to all AML and CTF regulations set forth by the central bank.
Additionally, the Bank of Spain will keep an eye on how well the local organization and its directors adhere to the laws and moral norms of the nation. Zhao stated:
“We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry,”
As per the report, Spain is now the third nation in the European Union to approve Binance. France and Italy granted the exchange formal supplier status for digital assets in May of this year. The EU has the ability to lead in the cryptocurrency and blockchain sector. With MiCA’s proposed uniform regulatory framework, Europe has a great chance to establish itself as the world center of our sector.
Coinbase and FTX, two competing cryptocurrency exchanges, are also moving into Europe. A regional manager will be hired by Coinbase to supervise the exchange’s growth in Europe, according to a June report.
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