Binance penetrates deeper into Europe with Spain’s launch

TL;DR Breakdown
  • Binance launch in Spain, ready to takeover market.
  • Exchange continues to bite deeper in Europe.
  • Zhao restates committment for firm to make user safety priority.

Binance crypto exchange has penetrated deeper into the European market as it has become a registered digital asset provider in Spain, the third European country the exchange spreads into.

The number one global crypto exchange made its way directly into Spain’s market through its Spanish subsidiary, Moon Tech Spain. The subsidiary was granted registration as a virtual asset services provider (VASP) by the Bank of Spain.

Upon the exchange’s registration in Spain, the firm can now be physically present in Spain and offer its services across the country in full compliance with the central bank’s anti-money laundering (AML) and counter-terrorist funding (CTF) rules.

In a statement by Binance CEO Changpeng Zhao on Friday, the registration was an acknowledgment of the hard work and commitment of Binance towards ensuring the safety of all its users. “Moon Tech’s registration in Spain is an acknowledgment of our teams’ hard work and commitment to providing a platform that places user protection above all else,” Zhao said.

“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,” he added.

Binance exchange creeping everywhere in the world

The largest crypto by market capitalization announced its registration in Spain months after it got approved in France and Italy. However, its European expansion comes after its approval to operate in Bahrain, Abu Dhabi, and Dubai earlier this year.

Binance still aims to spread into other markets across Africa, Asia, and Europe as the exchange fortunes reverse. Last year, the firm received warnings from regulators about its lack of authorization to operate or offer certain services in their markets. The U.K, Italy, Canada, and Thailand, among many other countries, queried the exchange’s operation then.

Following its expansion in Spain, the exchange has said they will significantly expand its operations in Spain to make services more accessible to everyone.

“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, said Quim Giralt, Director of Binance Spain.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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