The world’s largest cryptocurrency, Binance, travels the globe, hoping to find a place to call home. Meanwhile, the platform has obtained licenses from regulators to set up shop. After a regulatory nod from Italian regulators, Binance’s subsidiary in Spain also managed to get a green signal.
Binance took to Twitter and revealed that Moon Tech Spain SL, an exchange subsidiary, had achieved registration as a Virtual Asset Services Provider [VASP]† The Bank of Spain granted this registration on July 7, 2022. It was not an easy task as the exchange had applied for registration in January 2022.
Thanks to this registration, Binance would now be able to offer both crypto exchange and custody services. Regulation has become an integral part of the crypto verse, so getting regulatory approval has become essential. With its latest registration, the CZ-led exchange would comply with the country’s anti-money laundering practices [AML] and counter-terrorism financing [CTF] regulations.
Go into further detail on the importance of regulation, Changpeng Zhaothe CEO of the stock exchange, said†
“Effective regulation is essential for the widespread adoption of cryptocurrencies. We have made significant investments in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure our platform remains the most secure and reliable in the industry.”
Binance’s Euro Journey
Expansion is on the cards for Binance. In recent months, CZ has traveled all over the world for this. In May of this year, the crypto exchange marked its Europe journey by gaining regulatory approval in France†
This was another green signal from Italian regulators. Binance Italy Successfully Obtained Registration as a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ [OAM]†
Despite the cryptocurrency’s downward trend, the crypto exchange seems to be moving into major markets. After France, Italy and Spain, the exchange would likely move its business to another region as part of its European vision.