Spanish users report missing derivatives option on Binance

When it comes to obtaining regulatory permission and operational licenses from regulators throughout the world, Binance is one of the most tenacious crypto exchanges. In order to function as a fully licensed financial institution, the exchange has apparently halted offering crypto derivatives services in Spain while waiting for authorization from the Spanish regulator, the Comisión Nacional del Mercado de Valores (CNMV).

The crypto exchange disabled the derivatives drop-down menu from its official Spanish website, although it is still present on the global version. According to local news outlet La Información, the decision to conceal derivatives offerings in Spain is motivated by CNMV’s (National Securities Market Commission) rules.

The Spanish version of Binance does not have ‘Derivatives’ 

The Spanish version of Binance is missing the ‘Derivatives’ option, which is plainly present in the global version. According to a local report, Binance would reintroduce the derivatives option only after gaining regulatory approval from the Bank of Spain in the form of a guarantee certificate.

Binance CEO Changpeng Zhao stated in June 2021 that the crypto exchange’s growth would be accelerated by engaging with regulators:

“We want to be licensed everywhere. From now on, we’re going to be a financial institution.”

Binance, along with other cryptocurrency exchanges such as Coinbase and Bit2Me, is on the CNMV’s “gray list,” which prevents them from operating as fully licensed firms in the region.

Despite a minor setback caused by regulatory delays in Spain, France’s financial regulator, the Autorité des marchés financiers (AMF), has authorized Binance as a registered digital asset service provider, as CZ informed on May 4.

.@Binance just got approved for the France 🇫🇷 VASP (Virtual Assets Service Provider) registration.https://t.co/DwqZrxq3bS pic.twitter.com/Eebkc7OhRV

— CZ 🔶 BNB (@cz_binance) May 4, 2022

The expansion comes under Binance’s latest global diversification plans. After announcing its plans to open a new registered U.K. exchange firm, the company also received in-principle approval in Abu Dhabi in April.