Binance expands its crypto roots in Europe, after France and Italy it is now Spain

Global Blockchain service provider Binance announced on July 8, 2022 that its Spanish subsidiary, Moon Tech Spain, SL, has obtained registration as a Virtual Asset Service Provider (VASP) by the Bank of Spain.

According to Binance, this registration will allow them to offer crypto-asset exchange and custody services in Spain in accordance with the requirements of its bank’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules. central.

Notably, Moon Tech Spain obtained registration with the Bank of Spain on July 7, 2022, after applying for registration on January 28, 2022, according to a Binance press release.

Interestingly, Spain is not the first European country where Binance has made its presence. Previously, in May 2022, France allowed Binance to register, becoming the first country in Europe to do so. Previously, Binance obtained licenses in March 2022 from Dubai and Bahrain for operations in the Arabian Peninsula, according to various media.

However, Binance CEO Changpeng Zhao had pledged in April 2022 to invest 100 million euros in France and said he would grant 2 million euros for the restoration of a room in the Palace of Versailles, according to www.euronews.com.

Notably, in May 2022, Binance also extended its roots to Italy, another EU country, and obtained a legal entity with the regulator there, after which it announced that it was now eager to hire local staff and build offices in Italy. The organization is one of 14 virtual asset operators that the Organismo degli Agenti e dei Mediatori (OAM), which oversees the Italian cryptocurrency market, has registered.

After obtaining the license in Spain, Zhao said that “effective regulation is essential for the widespread adoption of cryptocurrencies”, and that they have “significantly invested in compliance and introduced tools and policies AMLD 5 and 6 compliant to ensure our platform remains the most secure and trusted in the industry.

“Moon Tech’s registration in Spain is recognition of the hard work and commitment of our teams to providing a platform that puts user protection above all else,” he said.

Binance further stated that the Bank of Spain will oversee and ensure compliance with AML and CTF rules for VASPs offering services for exchanging euros or other currencies for crypto assets, as well as custodial services for electronic wallets.

In addition, he will also verify the compliance of the local entity and its administrators with the requirements of commercial and professional good repute.

Quim Giralt, Director of Binance Spain, said, “Following this listing, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the next few years, we will be hiring local talent to

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