Binance To Ceased its crypto derivatives business in Spain
Only if the Bank of Spain issues a guarantee certificate is Binance likely to revive the derivatives option.
When it comes to obtaining regulatory permission and operating licences from authorities all around the globe, Binance is one of the most tenacious cryptocurrency exchanges. The Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV), has allegedly halted the exchange’s crypto derivatives services in Spain while it awaits its clearance (CNMV).
The derivatives drop-down menu has been deleted from the Spanish version of Binance’s global website, as can be seen. CNMV, a.k.a. the National Securities Market Commission, has mandated that derivatives offerings be hidden in Spain, according to local news source La Información.
The ‘Derivatives’ option is absent from the Spanish edition, while it is clearly there in the global version. According to a study by Cointelegraph, the URLs relevant to derivative products in Spain—including futures, battle, and derivative portal—remain life.
According to a local newspaper, Binance plans to reintroduce derivatives only after gaining regulatory approval in the form of a safety certificate from the Bank of Spain, according to the article.
Changpeng Zhao, CEO of Binance, said in June 2021 that the crypto exchange’s development will be accelerated by engaging with authorities.
Everywhere we go, we want to be licenced.” Financial institutions will be the new normal for us. “
Other crypto exchanges, such as Coinbase and Bit2Me, have been added to the CNMV graylist, preventing them from being fully licenced in the area.
In spite of regulatory delays in Spain, France’s financial authority — Autorité des marchés financiers (AMF) — authorised Binance as a registered supplier of digital asset services.
In April, Binance received an in-principle licence to operate in Abu Dhabi, as reported by Cointelegraph. With the addition of France, Binance has now completed its most recent worldwide expansion. Binance wants to dramatically expand its activities in the area while seeking “additional infrastructure development” in light of regulatory permission in France.