Binance Has Been Granted Permission To Launch A Virtual Asset Services Provider In Spain.

Binance, the world’s largest cryptocurrency exchange, has increased its focus on European expansion. Moon Tech Spain, the company’s affiliate, has acquired regulatory approval to register as a Virtual Asset Services Provider (VASP) in the Iberian country.

The Bank of Spain’s approval comes six months after Binance’s associate firm, Moon Tech, sought for the registration. As a result, the top platform will be able to provide Spanish clients with crypto exchange and custody services. Such solutions will be given in accordance with local regulations, such as anti-money laundering and counter-terrorism funding regulations.

Aside from that, the Bank of Spain will keep an eye on whether the VASP and its officials are abiding by the country’s professional and commercial laws.

Changpeng Zhao, CEO of Binance, claimed that “effective regulation” is critical for the cryptocurrency sector’s success and widespread adoption. He also stated that his company had made significant investments in providing a secure environment for its customers.

“MoonTech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places users’ protection above all else,”

Quim Giralt, Director of Binance Spain, for his part, believes that the license would let the exchange to expand its workforce and activities in that region:

“Over the coming years, we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.”

The business gained approval from France’s regulators to register as a trading platform in the country in May of this year. Binance has announced that as a Digital Asset Service Provider (DASP), it will provide crypto trading and custody services to domestic users.

Soon after, the corporation obtained a second regulatory approval on the continent. Binance Italy, its Italian affiliate, was granted permission to operate as a bitcoin service provider. However, under local legislation, it was required to register with the “Organnismo Agenti e Mediatori” (OAM).

Zhao hailed the effective partnership between his company and the Italian Ministry of Economy and Finance, as well as the OAM, saying the launch would not have been possible without their help.

It is worth mentioning that, despite its success in France and Italy, Binance has encountered some difficulties with a number of other European legislators. Last July, German and Dutch regulators suspended the company’s derivatives products.

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