Almost six weeks after Binance obtained regulatory approval from Italian authorities, the crypto services provider today announced that it has secured the Virtual Asset Services Provider (VASP) registration from the Bank of Spain.The details shared by Binance show that Moon Tech Spain, the Spanish subsidiary of Binance, applied for the registration on 28 January 2022 and secured the registration on 7 July 2022. In the past few months, Binance received registrations from regulatory authorities across different countries within Europe, including France and Italy.Through the latest registration in Spain, Binance aims to increase its presence in the European region. The Bank of Spain verifies the compliance of local entities and their directors under its jurisdiction.“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. 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,” Changpeng Zhao, Founder and Chief Executive Officer of Binance, commented.In May 2022, Binance Bahrain received a full category 4 license from the Central Bank of Bahrain (CBB). The license has allowed the company to offer a full suite of crypto exchange services in Bahrain.Spanish Crypto EcosystemDigital asset services providers witnessed a jump in the demand for crypto trading and custody services in Spain during the past few years. According to Quim Giralt, Director of Binance Spain, the company is planning to hire local talent to facilitate the growth of the crypto ecosystem in Spain.“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 serve the Spanish-speaking market and helping to grow the local crypto ecosystem,” Giralt commented.
This article was written by Bilal Jafar at www.financemagnates.com.
