Crypto Exchange Binance Now Registered as a Virtual Asset Service Provider in Spain

New Beginnings in the Crypto Landscape

In a significant development for cryptocurrency enthusiasts in Spain, the crypto exchange Binance has officially registered as a virtual asset service provider (VASP) with the Bank of Spain. This achievement opens the doors for the exchange to offer custody and crypto exchange services throughout the country. In an official announcement made on Friday, Binance revealed that its Spanish subsidiary, Moon Tech Spain, received its registration on Thursday after applying back in January.

What This Means for Binance and Users

With this registration, Binance can now provide services including fiat currency exchanges for digital assets and wallet custody services while maintaining compliance with the country’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. This not only enhances Binance’s reputation but also reinforces its commitment to secure and responsible trading.

CEO’s Perspective

Changpeng Zhao, CEO of Binance, commented on this achievement, highlighting that this progress reflects the company’s dedication to user protection and regulatory compliance. “Effective regulation is essential for the widespread adoption of cryptocurrencies. We have invested significantly in compliance…” Zhao stated. His confidence indicates that Binance is not just playing the crypto game, but is in it for the long haul, aiming for a trustworthy standing in the industry.

Expanding Horizons: Plans for Spain

Quim Giralt, the director of Binance Spain, expressed enthusiasm about the new registration and stated their next steps involve expanding the team in Spain. Their goal is to make services more accessible to local consumers and onboard more local talent. This proactive approach hints at a bigger strategy to grow the crypto ecosystem in Spain.

A Global Vision

Interestingly, this registration isn’t Binance’s only recent achievement in Europe. In May, they also received VASP approval from the Autorité Des Marchés Financiers in France, allowing them to offer services there as well. Additionally, despite facing challenges, Binance has shown interest in securing licenses in the Philippines, demonstrating a global vision for navigating the ever-evolving landscape of cryptocurrency regulations.