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The worldâs largest cryptocurrency exchange â Binance â doubled down on its European expansion plans. The companyâs subsidiary â Moon Tech Spain â received a regulatory nod to register as a Virtual Asset Services Provider (VASP) in the Iberian country.
Binance to Strengthen its Presence in Spain
According to a document shared with CryptoPotato, the Bank of Spainâs green light comes six months after Binanceâs affiliate company â Moon Tech â applied for the registration. As a result, the leading platform will be able to offer crypto exchange and custody services to Spanish clients. Such solutions will be provided in compliance with local requirements, including anti-money laundering and counter-terrorist financing rules.
Apart from that, the Bank of Spain will monitor whether the VASP and its executives comply with professional and commercial jurisdiction in the country.
Changpeng Zhao â CEO of Binance â argued that âeffective regulationâ is vital for the progress and widespread adoption of the cryptocurrency sector. He also said his company had invested a considerable amount of funds in creating a safe environment for its customers.
âMoonTechâs registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places usersâ protection above all else,â Zhao added.
For his part, Quim Giralt â Director of Binance Spain â assumed that the license will allow the exchange to expand its team and operations in that region:
âOver the coming years, we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.â
Binanceâs Expansion in Europe
In May this year, the organization received a green light from Franceâs regulators to register as a trading platform in the nation. As a Digital Asset Service Provider (DASP), Binance stated it will provide crypto trading and custody services for domestic users.
Shortly after, the company tapped a second regulatory approval on the Old Continent. Its Italian subsidiary â Binance Italy â was allowed to serve as a cryptocurrency service provider. However, according to local law, it had to register with the âOrganismo Agenti e Mediatoriâ (OAM).
Zhao praised the successful collaboration between his firm and the Italian Ministry of Economy and Finance, and the OAM, saying the launch would not be possible without their cooperation.
It is worth noting that despite its progress in France and Italy, Binance has had some issues with several other European legislators. Last summer, watchdogs in Germany and the Netherlands halted the companyâs derivatives products.
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