Binance, one of the world’s largest city cryptocurrency exchanges, has obtained a license from the Bank of Spain, allowing the exchange to operate in accordance with local laws. The cryptocurrency exchange has received Bank of Spain certification to operate as a Virtual Asset Service Provider (VASP) in the country. This means that the authorities have determined that Binance, through its Spanish subsidiary Moon Tech Spain, S.L., complies with all of the Bank of Spain’s AML/KYC processes.

This is a major accomplishment for the country’s exchange, that had applied for this certification since January. With the approval of the Spanish authorities, the company can now offer cryptocurrency trading and custody services in the country. 

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Binance’s founder and CEO, Changpeng “CZ” Zhao, stated about this achievement:

“Effective regulation is essential for the widespread adoption of cryptocurrencies. Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else”.

Binance has now certified more than 17 exchanges and conservatorship providers. Bit2me was the first exchange endorsed by the institution in February. According to Quim Giralt, director of Binance Spain, the company intends to expand its operations and reach in Spain as a result of this development. Giralt stated in a statement:

“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”.

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