Changpeng Zhao, the CEO of Binance, said that compliance with regulation is very crucial to the broader adoption of crypto.
Crypto exchange Binance has been registered as a virtual asset
service provider (VASP) by the Bank of Spain. This allows the exchange
to offer custody and crypto exchange services in the country legally.
Binance
said in an announcement on Friday that its Spanish subsidiary, called
Moon Tech Spain, was registered as a VASP by the national central bank
in Spain on July 7. It applied for registration in January.
The
exchange is now allowed to provide fiat currency exchange to digital
assets and wallet custody services while complying with the anti-money
laundering and counter-terrorist financing rules within the country.
Binance
CEO Changpeng Zhao said the development in Spain is a result of their
hard work to make their platform centered on protecting users. He
explained that:
“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.”
Quim Giralt, the director
of Binance Spain, also commented on the new development. According to
Giralt, their next move will be to expand the team in Spain and make the
exchange's services more accessible. The executive noted that they will
be onboarding more local talent to cater to the Spanish market and
contribute to growing the ecosystem within the country.
Related: Bank of Spain issues registration guidelines for crypto services
In May, the crypto exchange secured VASP approval from France.
Financial market regulator Autorité des marchés financiers has given
the exchange the necessary registration to offer their services in the
country.
Amid opposition from a local think tank, Binance has also expressed its intention to secure licenses
in the Philippines. The exchange told Cointelegraph on Thursday that
they are already engaging in discussions with the country's regulators
and stakeholders.
source link: https://cointelegraph.com/news/binance-gets-crucial-license-for-its-spanish-subsidiary-from-the-bank-of-spain
