Is Binance About To Peak In Europe? Here’s The Latest Move

Is Binance About To Peak In Europe? Here’s The Latest Move

The largest crypto exchange Binance has expanded its Europe presence with entry into the Spain crypto market. Binance’s subsidiary Moon Tech Spain has been granted a Virtual Asset Services Provider (VASP) license by the Bank of Spain, the company said on Friday. This helps Binance CEO “CZ” continue his mission to grow the influence and leadership in the European crypto market.

Binance’s Subsidiary Gains Crypto Trading License in Spain

Binance’s subsidiary Moon Tech Spain has received a Virtual Asset Services Provider (VASP) license from the Bank of Spain on July 8. It will allow the firm to offer crypto asset exchange and custody services in Spain. This is in accordance with anti-money laundering and counter-terrorist financing (AML/CTF) rules of the Bank of Spain.

It comes after the Spanish securities regulator, CNMV, ordered Binance to stop offering crypto derivatives products in the country in May. However, Moon Tech Spain had applied for the VASP registration on January 28, 2022.

Binance CEO “CZ” asserts that the team has focused immensely on compliance and introduced AMLD 5 and 6 compliant tools and policies to be safe and transparent to its customers and community. He believes regulations help increase worldwide crypto adoption.

Moreover, the company will be looking to expand its Spain team by making crypto services more accessible.

Quim Giralt, Marketing Lead 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 serve the Spanish-speaking market and helping to grow the local crypto ecosystem.”

Binance Expanding Presence in Europe

Crypto exchange Binance had recently gained licenses in France and Italy, expanding its presence in Europe. It shows the crypto exchange’s commitment to comply with AML and CTF rules.

Bank of Spain controls and ensures compliance with AML and CTF rules for VASPs and custody services for electronic wallets. In fact, the VASP license will help Binance gain an advantage of its competitors in the region.

Moreover, Binance has recently partnered with football star Cristiano Ronaldo for a series of NFT collections for football fans.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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