Spain Approves Binance’s Launch of a Virtual Asset Services Provider

The Bank of Spain authorised Moon Tech’s registration as a VASP in the state.

The biggest cryptocurrency exchange in the world, Binance increased its European growth efforts. The subsidiary of the firm, Moon Tech Spain, was granted regulatory approval to register as a Virtual Asset Services Provider (VASP) in the Iberian nation.

According to a document provided with CryptoPotato, six months have passed since Binance’s associate firm, Moon Tech sought registration with the Bank of Spain. Thus, the top platform will be able to provide crypto exchange and custody services to Spanish customers. These solutions will be offered in accordance with local standards, such as anti-money laundering and counter-terrorist financing regulations.

In addition, the Bank of Spain will examine whether the VASP and its executives adhere to the country’s professional and commercial jurisdiction.

Changpeng Zhao, CEO of Binance said that “good regulation” is essential for the development and broad acceptance of the cryptocurrency industry. In addition, he said that his organisation had spent a substantial amount of money on establishing a secure environment for its consumers.

“MoonTech’s registration in Spain is a testament to the hard work and dedication of our staff in delivering a platform that prioritises user security,” Zhao said.

According to Quim Giralt, director of Binance Spain, the licence would let the exchange grow its workforce and operations in the area.

In the next years, we will hire local expertise to service the Spanish-speaking market and contribute to the development of the local crypto ecosystem.

The Expansion of Binance in Europe

In May of this year, France’s authorities gave the company permission to register as a trading platform in the country. Binance said that, as a Digital Asset Service Provider (DASP), it would provide cryptocurrency trading and custody services to domestic consumers.

The corporation then sought second regulatory permission on the Old Continent. Its Italian affiliate, Binance Italy, was granted permission to operate bitcoin services. However, local law required it to register with the “Organisation of Agents and Mediators” (OAM).

Zhao lauded the productive partnership between his company, the Italian Ministry of Economy and Finance, and the OAM, stating that the launch would not have been possible without their assistance.

Notably, despite its success in France and Italy, Binance has had difficulty with a number of other European politicians. German and Dutch regulators suspended the company’s derivatives products last summer.

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