The crypto exchange obtained a regulatory license in France in May of this year.
Binance, the world’s most popular cryptocurrency, has received permission from Spanish authorities to begin operations.
A regulatory green light was given to Binance’s Spanish affiliate after it received approval from Italian regulators.
It has been reported that Moon Tech Spain SL (an exchange subsidiary of Binance) has registered as a Virtual Asset Services Provider (VASP).
On July 7th, 2022, the Bank of Spain authorized this registration. In January of 2022, the exchange applied for registration with the SEC.
Global Expansion in Full Swing
To comply with Spain’s central bank’s AML and CTF regulations, Binance will be able to provide crypto asset exchange and custody services in Spain. It has been announced that ‘Organismo Agenti e Mediatori’ (OAM) has approved Binance Italy’s operation as a Cryptocurrency Service Provider.
The crypto sector has grown more regulated; thus, obtaining legal clearance is a requirement. In order to comply with the nations’ anti-money laundering and counter-terrorism funding regulations, the CZ-led exchange has just upgraded its registration.
The exchange’s CEO, Changpeng Zhao, stated:
“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.”
Binance’s expansion is in the works. CZ has been travelling worldwide for the last several months for the same reason. The crypto exchange obtained regulatory license in France in May this year, marking the beginning of its European voyage.
Despite the cryptocurrency market’s recent downturn, the crypto exchange seems to be expanding into key markets. Following France, Italy, and Spain, the exchange is set to expand its operations to further European countries.