Binance's Spanish subsidiary approved to operate as crypto service provider

Quick Take

  • Binance’s Spanish subsidiary has clinched approval as a Virtual Asset Services Provider in Spain. 
  • The move follows European registrations for the exchange in both France and Italy. 

Crypto exchange giant Binance's Spanish subsidiary, Moon Tech Spain, has clinched registration as a Virtual Asset Services Provider (VASP) from the Bank of Spain, the business announced on Friday. 

The registration will allow Binance to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

The approval had been pending since the end of January and follows European registrations with both France and Italy. The company also recently received licenses to operate in Bahrain and Dubai.

The exchange's CEO and founder Changpeng Zhao noted in a news release that the exchange has "invested significantly" in compliance and has introduced AMLD 5 and 6 compliant tools and policies.

Moon Tech director Quim Giralt added that the business would significantly expand its team in the region. "Over the coming years we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem," he said.

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