Binance registers as a virtual asset service provider in Spain

Binance announcement, Binance Spain "Moon Tech Spain, SL" has registered with the Bank of Spain as a Virtual Asset Service Provider (VASP).

According to an announcement by Binance, Binance Spain's "Moon Tech Spain, SL" has registered with the Bank of Spain as a Virtual Asset Service Provider (VASP).

Binance will now be able to offer cryptocurrency trading and custody services in Spain in compliance with the anti-money laundering and combating the financing of terrorism (AML/CTF) rules of the central bank. Moon Tech Spain applied for registration on January 28, 2022, and received the registration approval from the Bank of Spain on July 7, 2022.

The Bank of Spain supervises and ensures that Virtual Asset Service Providers offering cryptocurrency exchange and e-wallet custody services comply with AML and CTF rules when exchanging euros or other currencies for cryptocurrencies. The Bank of Spain also verifies the compliance of local entities and their directors with commercial and professional honor requirements.

This marks another milestone for Binance in Europe following the registration of local entities in France and Italy, further demonstrating Binance's robust AML and CTF practices.

Binance's Founder and CEO Changpeng Zhao (CZ) stated, "Effective regulation is crucial for the widespread adoption of cryptocurrencies. We have made significant investments in compliance and have introduced tools and policies in line with AMLD 5 and 6 to ensure that we remain the safest and most trusted platform in the industry. Moon Tech's registration in Spain is a recognition of the hard work of the Binance team and our commitment to building a platform that prioritizes user protection."

Quim Giralt, Director of Binance Spain, said, "With this registration completed, we will significantly expand our team and operations in Spain to make our services accessible to everyone. Over the next few years, we will hire local talent to serve the Spanish-speaking market and help develop the local cryptocurrency ecosystem."