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Binance Expands its Network to Spain after Covering France and Italy

Binance, the Seychelles-based digital currency company, is now expanding to Spain After the crypto exchange platform spread its roots in other European countries like France and Italy in May 2022, the company secured a license from the Bank of Spain to operate in the country. The company secured trading licenses from Arabian countries like Bahrain and Dubai in March 2022.

The company announced the development on July 8, 2022. According to a press release, Binance had applied for the registration earlier this year, on January 28, 2022. It received the license on July 7, 2022.

Binance’s Spanish subsidiary, Moon Tech Spain, S.L., was granted the Virtual Asset Services Provider (VASP) license by the Bank of Spain to provide crypto services in the country. This license will allow Binance to provide crypto asset exchange and custody services in Spain. However, the company has to comply with the Spanish central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

In May 2022, the company secured licenses from France. In April 2022, Changpeng Zhao, Binance’s Chief Executive, pledged to invest 100 million euros in France. He also announced a 2 million euro grant to restore a room at Chateau de Versailles.

In the same month, Binance also acquired legal trading rights in Italy. The company is looking forward to hiring local staff and building offices in the country at the moment.

The company announced that the Bank of Spain will oversee and ensure that VASP exchange services comply with AML and CTF rules in both fiat and digital currency services and electronic wallets.

Binance CEO, Changpeng Zhao, said, “Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else.”

Bank of Spain director, Quim Giralt, said: “Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone.”

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