Global blockchain services provider Binance today revealed that its Spanish subsidiary, Moon Tech Spain, S.L., has secured registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain.
The newly obtained registration will allow Binance to offer crypto asset exchange and custody services in the country in compliance with the requirements of the Spanish central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) regulation.
The official announcement noted that Moon Tech Spain’s application was submitted in 28 January 2022 and the firm was granted registration on 7 July 2022.
The Bank of Spain ensures compliance with AML and CTF rules for VASPs offering exchange services for euros or other fiat currencies for crypto assets, as well as custody services for electronic wallets. Additionally, the Bank verifies compliance of the local entity and its directors with the commercial and professional honorability requirements.
Changpeng Zhao (CZ), founder and CEO of Binance, commented:
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. Moon Tech’s registration in Spain is an acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else.
Quim Giralt, Director of Binance Spain, noted:
Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the coming years we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.
The news follows other European registrations for Binance’s local entities in France and Italy. The company recently confirmed it is going after a VASP license and the e-money issuer (EMI) license in the Philippines. Prior to that, Binance revealed it is seeking to secure a German crypto license as well.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.