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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.
