Moon Tech Spain SL, a wholly-owned subsidiary of the Binance cryptocurrency exchange has been licensed by the Bank of Spain to operate as a Virtual Assets Services Provider (VASP). The exchange announced the license approval on Friday and said it will help in providing it with the room to offer crypto trading services in line with the Bank’s Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) Rules.
According to the trading platform, applications for this license were submitted sometime in January to the Bank of Spain, with approvals granted on July 7th.
“Effective regulation is essential for the widespread adoption of cryptocurrencies,” Changpeng Zhao (CZ), founder and CEO of Binance, “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.”
Binance First Got Reprisals, then Appraisals From Regulators
Binance has once had it tough with regulators around the world, including the Spanish authorities, but has been doing all it can to rebuild trust with watchdogs around the world. Particularly in the European Union, the trading platform has previously landed approval to operate from France and Italy, gradually closing the gap in the EU as a leading regulated exchange there.
The trading platform said it will increase its headcount as it works to make its services more accessible to customers in Spain.
“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,” said Quim Giralt, Director of Binance Spain.
Beyond the EU, Binance is making notable strides in different countries including the United Arab Emirates, and Dubai, both of which it has also secured operating licenses.
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