- Binance obtained a VASP certification from the Bank of Spain.
- Along with Binance, more than 17 firms also received the approval.
The prominent cryptocurrency exchange Binance recently acquired an operating license, Virtual Asset Service Provider (VASP) from the Bank of Spain. With this license, the platform can operate in the country, under the local laws. Binance focuses on expanding its services in European countries with the latest approval.
The new certification indicates that, through Binance’s subsidiary, Moon Tech Spain, the exchange firm is following all the AML/KYC procedures as mandated by The Bank of Spain. The registration through their Spanish subsidiary allows Binance for crypto exchanges and custody services in the country, based on Spain’s anti-money laundering and counter-terrorist financial rules.
CEO of Binance, Changpeng Zhao stated:
Effective regulation is essential for the widespread adoption of cryptocurrencies. 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.
Binance Expands to More Countries
Binance applied for the license at the beginning of the current year. About six months later, the exchange received approval along with 17 other crypto firms. The crypto exchange, Bit2Me got its first license in February.
Apart from Spain, Binance received approval from Italian authorities about two months ago. Last year, Italy banned Binance, after saying that the exchange was unauthorized to provide investment services. Along with this, the Central Bank of Bahrain permitted a full category four license to Binance in May. The approvals from more countries will strengthen the global engagement of Binance as well as their future trading.
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