Binance is now registered as a virtual asset service provider by the Bank of Spain, allowing the exchange to offer custody and crypto exchange services in the country.
Binance said that its Spanish subsidiary, Moon Tech Spain, was registered as a VASP by Spain’s central bank where It applied for registration in January.
Binance can now provide fiat currency exchange to digital assets and wallet custody services while complying with the country’s Anti-Money Laundering and Counter Terrorist Financing rules. The Binance CEO said the development in Spain is a result of the company’s hard work to make its platform centered on protecting users.
Binance’s next move will be to expand the team in Spain and make its services more accessible. A top executive noted that it would be onboarding more local talent to cater to the Spanish market and contribute to growing the ecosystem within the country.
In May, the crypto exchange secured VASP approval from France’s financial market regulator, Autorité Des Marchés Financiers, giving the exchange the necessary registration to offer its services in the country.
