Binance granted a Virtual Assets Provider license in Spain

By:
on Jul 8, 2022
  • Binance secured the VASP approval via its subsidiary Moon Tech Spain
  • Changpeng Zhao says this allows it to offer services that comply with Bank of Spain's AML/CFT rules.
  • Binance Spain will leverage the registration to expand its services and hire local crypto talent.

Binance has received approval as a Virtual Asset Services Provider (VASP) in Spain, the leading crypto exchange and trading platform said on Friday.

The company, which already boasts registration in France and Italy via local subsidiaries, announced its VASP license in Spain was granted via Moon Tech Spain.

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Binance CEO Changpeng Zhao commented on the approval in a tweet, noting that it now allows the exchange to offer its services in Spain – all in compliance with set regulatory requirements, including anti money laundering (AML) and counter terrorism financing (CFT).

Regulation is essential, says Zhao

Binance, which had found itself in regulatory crosshairs across several countries and jurisdictions in recent years, has steadily created an outlook of a dependable platform, embracing regulatory approaches meant to help its growth as well as protect customers.

Zhao, aka CZ, commented on this, noting in a statement that his company sees regulation as an essential part of eventual mass adoption of crypto. 

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.”

Binance Spain is looking to expand its team, tapping into local crypto talent to better serve the Spanish market.

The Binance chief noted:

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 Bank of Spain granted the registration on July 7, 2022, Binance said in a blog. Moon Tech Spain, the exchange’s subsidiary, applied for the VASP on January 28, 2022.

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