Exchange of cryptocurrencies Binance has been approved by the Bank of Spain to provide cryptocurrency trading and custody services through its Moon Tech subsidiary. The license allows Binance to operate in accordance with the Spanish government’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. As of now, the government has granted this license to more than 17 companies. Moon Tech Spain was registered with the Bank of Spain on July 7, 2022, after applying on January 28, 2022.
Regulating Spain’s Cryptocurrency Ecosystem
Binance, one of the world’s largest cryptocurrency exchanges, has been granted permission to operate as a Virtual Asset Service Provider (VASP) in Spain. The certification was granted after Spanish authorities determined that the exchange, through its subsidiary Moon Tech Spain, complies with all of the country’s central bank’s AML/CTF regulations.
The Bank of Spain is in charge of ensuring that VASPs that offer exchange services for euros and other currencies for cryptocurrency assets comply with AML/CTF rules. Bit2Me was the world’s first cryptocurrency platform to be approved by the Bank of Spain as a provider of services for exchanging virtual currency for fiduciary currency and electronic wallet custody. It was given this honor in February 2022.
Changpeng Zhao, the founder, and CEO of Binance stated: Effective regulation is required for cryptocurrency adoption to be widespread. To ensure that our platform remains the most secured and reliable in the industry, we have invested heavily in compliance and implemented AMLD 5 and 6 compliant tools and policies. Moon Tech’s registration in Spain is a recognition of our team’s hard work and dedication to providing a platform that prioritizes user protection above all else.
In recent times, digital asset service providers have seen a massive increase in demand for cryptocurrency trading and wallet services in Spain, with Quim Giralt – Director of Binance Spain stating that the company intends to hire local talent to help the country’s cryptocurrency market grow. He mentioned: Following this registration, we intend to significantly expand our team and operations in Spain in order to make our services more accessible to all. We will be hiring local talent to serve the Spanish-speaking market and contribute to the growth of the local crypto ecosystem in the coming years.
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