Binance Subsidiary Gets Regulatory Approval in Spain

Binance Subsidiary Gets Regulatory Approval in Spain

The world’s largest cryptocurrency exchange, Binance, is now licenced to offer its crypto exchange and custody services in Spain.

Binance announced on Friday that its subsidiary Moon Tech was registered as a virtual asset service provider (VASP) by the Bank of Spain after it filed its application in January.

 

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Changpeng ‘CZ’ Zhao, Binance CEO, praised his company’s hard work in obtaining the approval in Spain, focusing on customer protection. He said:

“Effective regulation is essential for the widespread adoption of cryptocurrencies. 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. 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.”

The director of Binance Spain, Quim Giralt, commented that his firm will be expanding the team in Spain by  recruiting new talent and making the exchange’s services more accessible in the country, while contributing to the growth of the crypto ecosystem. He said:

“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.”

Pushing for global expansion starting with the European market, Binance recently secured regulatory approval with France’s AMF, while being licensed in Bahrain and Dubai. The exchange has also set the wheels in motion to comply with German regulation.

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Source: igaming