Binance Continues European Expansion With Registration of a New Cryptocurrency in Spain

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Binance Continues European Expansion With Registration of a New Cryptocurrency in Spain

Binance Continues European Expansion With Registration of a New Cryptocurrency in Spain
Binance. Image: Shutterstock
Source: Decrypt
1657308962 08 Jul / 19:36

Today, the leading cryptocurrency exchange Binance said that its Spanish subsidiary, Moon Tech Spain, was registered as a Virtual Asset Service Provider (VASP) with the Bank of Spain on July 7.

"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," stated Binance CEO Changpeng Zhao in a press release.

On January 28, Binance launched its VASP registration. Thanks to yesterday's permission, the cryptocurrency exchange may offer its services throughout Spain in complete conformity with the central bank's anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

The Bank of Spain will also monitor compliance with the country’s commercial and professional honorability criteria by the local firm and its directors.

“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,” Zhao explained.

With today’s news, Spain becomes the third nation in the European Union to approve Binance.

France and Italy approved the exchange as an official digital asset supplier in May of this year.

In April, Binance leased premises in the renowned start-up incubator Station F in Paris. The establishment of Binance at Station F is a component of “Objective Moon,” a €100 million ($101 million) Web3 and cryptocurrency investment effort in France announced by the exchange in November.

The plan is to establish a Binance Research and Development hub in France to draw talent from the nation and continent.

Binance is also creating online educational resources for French learners and constructing a professional network dubbed the “Objective Moon Accelerator” to link enterprises in the industry.

“The EU has the potential to become a frontrunner in the crypto and blockchain industry,” a spokesperson told Decrypt. “With a consistent regulatory framework on the horizon with MiCA, there’s a huge opportunity for Europe to position itself as the global hub for our industry.”

In the meantime, competitor cryptocurrency exchanges FTX and Coinbase are also moving into Europe.

The Cypriot Securities and Exchange Commission approved the establishment of FTX Europe in March, making it the second affiliate of the popular FTX exchange following the debut of FTX US in May 2019.

Coinbase said in June that it intends to appoint a regional manager to supervise the European exchange’s development.

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