Binance secures Virtual Asset Services Provider license from Spanish central bank

Binance CEO Changpeng ‘CZ’ Zhao announced on July 8 that subsidiary company Moon Tech Spain had secured a Virtual Asset Services Provider (VASP) license from the Bank of Spain.

#Binance secures Virtual Asset Service Provider registration in Spain 🇪🇸

“This registration will allow Binance to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s AML/CTF rules.”https://t.co/FPWFndDN4p

— CZ 🔶 Binance (@cz_binance) July 8, 2022

Binance on a roll in Europe

The registration enables Binance to offer crypto asset exchange and custody services in Spain in compliance with the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

A blog post on the matter disclosed that registration was granted on July 7. But the application process started six months ago, on January 28.

The Spanish license follows recent successful registrations in France and Italy, which the company suggested is a testament to its robust AML and CTF controls.

Commenting on this, CZ said the company had made significant investments toward developing appropriate compliance tools and processes. This focus makes Binance “the safest and most trustworthy” crypto exchange out there.

“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.”

He reiterated previous statements during the global crackdown last summer, saying user protection remains the company’s top priority.

What’s next?

Quim Giralt, the Director of Binance Spain, said this marks the start of an expansion into Spain, resulting in greater accessibility of crypto services throughout the region.

With that, the company plans to recruit local talent over the next few years to facilitate the expansion and bolster growth in the Spanish crypto market.

“Over the coming years we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.”