Binance Expands Its Crypto Roots In Europe, After France and Italy, It's Spain Now.
Spain is now the third European Union country that has registered Binance as a digital asset supplier after France and Italy. Today, the leading crypto exchange Binance announced that its Spanish subsidiary, Moon Tech Spain was registered with Bank of Spain as Virtual Asset Service Providers (VASP) on 7 July.
“Moon Tech’s Spanish registration is an acknowledgement of the hardwork and commitment of our team to providing a platform which places user protection above everything else,” stated Changpeng Zhao, Binance chief, in a statement.
Binance started its VASP registration on January 28. Yesterday’s approval means that the crypto exchange is now able to offer its services throughout Spain in complete compliance with the central banks’ anti-money laundering and counter-terrorist financing (CTF) rules.
The Bank of Spain will monitor compliance of local entities and directors with country’s professional and commercial honorability standards.
Zhao stated that they have made significant investments in compliance and created AMLD 6 and 5 compliant policies and tools to make sure our platform is the most trusted and safest in the industry.
Today’s news is that Binance was officially green-lit by Spain, the third European Union country.
In May of this year, France as well Italy licensed it to be an official digital asset provider.
Binance secured Floorspace in Paris’s famed start-up incubator Station F back in April. This is part of ” Objet Moon,” which was announced last November by the exchange. It’s a EUR100m ($101 million) Web3 initiative and crypto investment initiative.
This initiative will create a Binance Research and Development Hub in France, to attract talent from across France and the continent.
Binance also develops online French education materials and creates a professional network called “Objective Moon Accelerator”, which will connect businesses within the sector.
A spokesperson for the EU told Decrypt that “the EU has potential to become the frontrunner in crypto and blockchain industry.” Europe has a great opportunity to be the global hub of our industry, with a consistent regulatory framework in place through MiCA.
Coinbase and FTX, two rival crypto exchanges, are expanding into Europe.
The Cypriot Securities and Exchange Commission approved FTX Europe’s launch in March. This is the second affiliate of the popular FTX market after FTX US, which was launched in May 2019.
Coinbase reported that it also plans to hire a regional manger to oversee its European expansion.
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