Binance Subsidiary Granted License to Operate in Spain

Binance subsidiary Moon Tech Spain has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain. 

This will enable the world’s biggest cryptocurrency exchange to offer crypto asset exchange and custody services in the territory, according to an announcement on the company’s website.

Compliance with the requirements of the central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules was of primary importance, which was acknowledged by Binance founder and CEO Changpeng Zhao. 

“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,” he said.

“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.” 

Binance subsidiary cleared for operations

In addition to acting as monetary authority and financial watchdog, the nation’s central bank oversees and ensures compliance with AML and CTF rules. Moon Tech Spain was granted registration by the Bank of Spain on July 7 after applying for registration on Jan 28.

This is especially the case for VASPs offering exchange services for euros or other currencies for crypto assets, in addition to custody services for electronic wallets. “The Bank of Spain also verifies compliance of the local entity and its directors with the commercial and professional honorability requirements,” the announcement read.

Following this successful registration, local director Quim Giralt said Binance “will significantly expand our team and operations in Spain to make our services more accessible to everyone.” 

This milestone follows registrations for Binance’s local entities in other Western European countries. In early May, Binance France announced that it had been granted a Digital Asset Service Provider (DASP) registration by the country’s regulators. Later that month, Binance was cleared to operate in Italy, overturning a ban imposed the previous year.

The post Binance Subsidiary Granted License to Operate in Spain appeared first on BeInCrypto.

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