World-leading crypto exchange, Binance, has announced today that its Spanish subsidiary, Moon Tech Spain, S.L., has been licensed as a Virtual Asset Services Provider (VASP) by the Bank of Spain (BoS).
This registration will allow Binance to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. Moon Tech Spain was granted registration by BoS on July 7, 2022, having applied for registration on January 28, 2022.
Binance gets approval from the Bank of Spain
The BoS oversees and ensures compliance with AML and CTF rules for VASPs offering exchange services for euros or other currencies for crypto assets, as well as custody services for electronic wallets. Additionally, the bank also verifies compliance of the local entity and its directors with the commercial and professional honorability requirements.
On Binance’s part, the milestone follows European registrations for the company’s local entities in France and Italy. It also further proves Binance’s continuous strive to comply with AML and CTF rules and regulations.
Binance co-founder and CEO, Changpeng Zhao (CZ), commented on his firm’s commitment to being the best exchange in the industry. He said in part:
“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.”
Quim Giralt, Director of Binance Spain, also spoke about expansion plans and how they intend to recruit locals. He said:
“Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible.”
Regulations to save crypto
As of June when the number of approved VASPs in Spain reached 17, big names like Binance, were notably absent from the list. All that time, the company still had unresolved issues with the CMNV – the securities watchdog of the country. This was when the CMNV ordered Binance to cease offering cryptocurrency-related derivatives to Spanish users on its platform.
However, over all, the importance of crypto regulations cannot be over-emphasized. And amid rising illicit uses of crypto, regulations like this will be the only saving grace for the space.