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Binance Expands Its Crypto Roots In Europe, After France and Italy, It’s Spain Now

Binance is slowly making its presence felt in Europe. After France and Italy, the Blockchain services provides plants roots in Spain, secures license from Bank of Spain to operate

Binance Expands Its Crypto Roots In Europe, After France and Italy, It’s Spain Now
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Global Blockchain services provider Binance announced on July 8, 2022, that its Spanish subsidiary, Moon Tech Spain, S.L., has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain. 

According to Binance, this registration will allow them to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. 

Notably, Moon Tech Spain was granted registration by the Bank of Spain on July 7, 2022, having earlier applied for registration on January 28, 2022, according to a Binance press statement. 

Interestingly, Spain is not the first European country where Binance has made its presence. Earlier, in May 2022, France allowed Binance to register, thus becoming the first country in Europe to do so. Previously, Binance secured licenses in March 2022 from Dubai and Bahrain for operations in the Arabian Peninsula, according to various media reports. 

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However, Binance’s CEO, Changpeng Zhao had in April 2022 pledged to invest €100 million in France and had said he would grant €2 million for the restoration of a room at the Chateau de Versailles, according to www.euronews.com. 

Notably, in May 2022, Binance also expanded its roots in Italy, another EU country, and secured legal entity with the regulator there, following which it announced that it was now looking forward to hiring local staff and build offices in Italy. The organisation is one of the 14 virtual asset operators that the Organismo degli Agenti e dei Mediatori (OAM), which oversees the Italian cryptocurrency market, has registered.

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After getting the license in Spain, Zhao commented that “effective regulation is essential for the widespread adoption of cryptocurrencies”, and that they 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.”

“Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else,” he said. 

Binance further said that Bank of Spain will oversee and ensure compliance with AML and CTF rules for VASPs offering exchange services for euros or other currencies for crypto assets, as well as custody services for electronic wallets. 

In addition, it will also verify compliance of the local entity and its directors with the commercial and professional honourability requirements.

Quim Giralt, Director of Binance Spain, said: “Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the coming years, we will be hiring local talent to se

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