Binance Expands Its Footprints in Europe, Subsidiary Gains License In Spain

The largest crypto exchange Binance is going great guns and expanding its footprints in Europe. The crypto exchange is entering Spain cryptomarket. Moon Tech Spain, its subsidiary has bagged the Virtual Asset Services Provider (VASP) license by the Bank of Spain, the company said on Friday. It is also in line with the Binance CEO “CZ” stated mission to increase its footsteps leadership in the European crypto market.

Binance Bags Crypto Trading License in Spain

Moon Tech Spain which is a subsidiary of the cryptoexchange has obtained a Virtual Asset Services Provider (VASP) license from the Bank of Spain on July 8. It will enable the entity to provide crypto asset exchange and custody services in Spain. The latest license is in line with anti-money laundering and counter-terrorist financing (AML/CTF) rules of the Bank of Spain.

The latest arrangement comes post the orders of the Spanish securities regulator, CNMV asking the crypto exchange to halt offering crypto products in Spain in May. Incidentally Moon Tech Spain had applied for the VASP registration on January 28, 2022.

The exchange’s CEO said that he and his team is committed to comply fully with all regulations and in line with its policy of providing its services with safety and transparency to its customers and community, had introduced AMLD 5 and 6 compliant tools

The company was expanding the size of its Spain Team team by making crypto services more accessible.

Quim Giralt, Marketing Lead of Binance Spain, said: “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.”

Binance Spreading Its Footprints In Europe

Binance has recently obtained licenses in France and Italy, expanding its presence in Europe. It shows the crypto exchange’s commitment to comply with AML and CTF rules.