Binance Wins Bank Of Spain’s Approval To Operate As A Virtual Asset Service Provider
- Binance’s Spanish subsidiary has been approved to operate in Spain
- Moon Tech Spain, S.L., will now be able to serve the citizens of the nation
- The Spanish subsidiary will have to comply with AML/CTF rule
Binance, the biggest cryptocurrency by trading volume in the world, announced that its Spanish subsidiary, Moon Tech Spain, S.L., has won approval from the Bank of Spain to operate as a Virtual Asset Services Provider(VASP) in the southwestern European nation.
As per the official announcement from Binance, Moon Tech Spain, S.L., will be capable of providing crypto-asset exchange and custody services to its Spanish customers and will comply with the requirements of the Bank of Spain surrounding anti-money laundering and counter-terrorist financing (AML/CTF) rules.
“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.”
Said Quim Giralt, Director of Binance Spain.
The Bank of Spain is responsible for overseeing the firms that provide custody services for electronic wallets as well as trading of cryptocurrencies in euro and other fiat currencies and checking if they are complying with AML and CTF rules.
Changpeng Zhao (CZ), founder and CEO of the crypto exchange, commented on this development, stating that the exchange takes AML and CTF rules in high regard and, for that purpose, introduced AMLD 5 and 6 compliant tools and policies which ensure the safety of the platform.
Binance complies with regulatory needs
This announcement comes a month after the crypto exchange resumed deposits in Brazilian reals through the government’s payment system, Pix. Binance further revealed that it had canceled its partnership with Capitual, a local firm responsible for Binance’s deposits and withdrawals through Pix since 2020. The firm has now partnered with Latam Gateway, a Brazilian payments firm that uses a bank licensed by the Central Bank of Brazil, BS2.
The exchange has been working hard to expand throughout Europe as well while following regulatory protocols. Binance has received regulatory approval from France and Italy in 2022.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
