The leading cryptocurrency exchange in terms of volume and customers, Binance, has made a significant breakthrough by securing registration in Spain through its Moon Tech Subsidiary.
It now offers crypto exchange and custody services with anti-money laundering measures and procedures against financing terrorism. The Spanish Subsidiary, Moon Tech Spain, will operate as a Virtual Asset Services Provider (VASP) for the Bank of Spain.
Moon Tech Spain received approval from the Bank of Spain this July after applying for VASP registration in January. In a statement marking the registration in Spain, Binance founder, and Chief Executive Officer, Changpeng Zhao (CZ), stated that Moon Tech’s registration in Spain acknowledges the hard work and commitment of the Binance team is focusing on user protection above all else. He noted that effective regulation is essential for the extensive adoption of cryptocurrencies. The company has invested significantly in compliance to introduce AMLD 5 and 6 compliant tools and policies. It ensures that the exchange remains the safest and most trusted. The Binance Director in Spain, Quim Giralt, reiterated the importance of this expansion into Spain. It makes services more accessible to everyone. It will continue expanding the team to grow the local crypto ecosystem.
Binance’s Europe Expansion Journey
Binance has recently been progressing its initiative to expand into Europe. It registered local entities in France and Italy which further indicated its alignment with the company’s Anti-money laundering (AML) and Counter-Terrorist Financing (CTF) controls.
In April, Binance acquired floorspace in the famous incubator startup Station F in Paris. It is part of Objective Moon which is a €100 million Web3 and crypto investment initiative. It is set to develop Binance Research and Development hub in France for talent. It is also progressing online education materials and building a professional network dubbed Objective Moon Accelerator to link companies with the industry. The company obtained recent approvals and licensing to operate in Dubai, Abu Dhabi, and Bahrain earlier this year.
Crypto Lists learnt of the announcement on Friday of its expansion into Spain which signifies a cryptocurrency breakthrough in Europe. A spokesman of Binance engaged Crypto Lists in detailing that EU has the potential to be a leader in the crypto and blockchain industry. MiCA’s consistent regulatory framework is on the horizon to provide Europe the chance to be the global hub for the industry.
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Binance Deliberate Alignment to AML and CTF in Europe
Binance is gaining momentum in Europe as the European Union streamlines new regulations in the crypto sector. For most of last year, Binance received multiple warnings from regulators due to unauthorisation over offering particular services in the market. The warnings were from countries with significant crypto adoption such as the United Kingdom, Italy, and Spain. These warnings prompted the largest cryptocurrency exchange by trading volume to further invest in its compliance and regulations team.
The European Union agreed to new rules last week that require cryptocurrency companies to have a license and customer safeguards to issue and sell digital currencies within the bloc. It intends to tame the volatile market experienced by the industry. The present rules do not require cross-border approvals of crypto services across the European Union. However, it is due to change upon implementing new rules in 2023. Cryptocurrencies have largely been unregulated globally. National operators in the European Union are only required to show controls mitigating money laundering.
Binance’s Europe momentum is at an ideal time as Italy’s government commits $46 million for blockchain and cryptocurrency research. The country’s Ministry of Economic Development confirmed that there are blockchain projects that would benefit from the $46 million subsidies. A remarkable milestone for the industry as cryptocurrency adoption grows. Binance expansion to Spain opens more opportunistic avenues as it employs local talent to serve the Spanish-speaking market.
The Bank of Spain supervises AML and CTF rules and regulations for Virtual Asset Providers (VASPs) that provide exchange services for Fiat currencies for digital assets. It also oversees custody services for electronic wallets in the country. The bank also verifies compliance of the local entity and its directors using honorability and commercial requirements. However, the Bank of Spain does not supervise the company’s financial and operating risks.
Binance is not the only crypto exchange expanding its presence in Europe. Crypto Lists note that Coinbase Pro and FTX are also extending their frontiers. In March, the Cypriot Securities and Exchange Commission approved FTX Europe’s launch as a second affiliate of the FTX exchange. Crypto Lists also received reports of Coinbase’s plans to hire a regional manager to oversee its European expansion.
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