Binance Receives Approval to Launch a Virtual Asset Services Provider in Spain

The world’s largest cryptocurrency exchange – Binance – doubled down on its European expansion plans. The company’s subsidiary – Moon Tech Spain – received a regulatory nod to register as a Virtual Asset Services Provider (VASP) in the Iberian country.

Binance to Strengthen its Presence in Spain

According to a document shared with CryptoPotato, the Bank of Spain’s green light comes six months after Binance’s affiliate company – Moon Tech – applied for the registration. As a result, the leading platform will be able to offer crypto exchange and custody services to Spanish clients. Such solutions will be provided in compliance with local requirements, including anti-money laundering and counter-terrorist financing rules.

Apart from that, the Bank of Spain will monitor whether the VASP and its executives comply with professional and commercial jurisdiction in the country.

Changpeng Zhao – CEO of Binance – argued that “effective regulation” is vital for the progress and widespread adoption of the cryptocurrency sector. He also said his company had invested a considerable amount of funds in creating a safe 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,” Zhao added.

For his part, Quim Giralt – Director of Binance Spain – assumed that the license will allow the exchange to expand its team and operations 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.”

Binance’s Expansion in Europe

In May this year, the organization received a green light from France’s regulators to register as a trading platform in the nation. As a Digital Asset Service Provider (DASP), Binance stated it will provide crypto trading and custody services for domestic users.

Shortly after, the company tapped a second regulatory approval on the Old Continent. Its Italian subsidiary – Binance Italy – was allowed to serve as a cryptocurrency service provider. However, according to local law, it had to register with the “Organismo Agenti e Mediatori” (OAM).

Zhao praised the successful collaboration between his firm and the Italian Ministry of Economy and Finance, and the OAM, saying the launch would not be possible without their cooperation.

It is worth noting that despite its progress in France and Italy, Binance has had some issues with several other European legislators. Last summer, watchdogs in Germany and the Netherlands halted the company’s derivatives products.