Binance Penetrates Deeper into Europe with the Launch of Spain

TL;DR distribution
  • Binance launched in Spain, ready to take over the market.
  • The exchange continues to bite deeper into Europe.
  • Zhao reaffirms the company’s commitment to making user safety a priority.

Crypto exchange Binance has penetrated deeper into the European market as it has become a registered digital asset provider in Spain, the third European country in which the exchange is spreading.

The world’s number one crypto exchange has entered the Spanish market directly through its Spanish subsidiary, Moon Tech Spain. The subsidiary has been registered as a Virtual Asset Service Provider (VASP) by the Bank of Spain.

Upon registration of the stock exchange in Spain, the company can now have a physical presence in Spain and offer its services throughout the country in full compliance with the central bank’s rules on anti-money laundering (AML ) and terrorist financing (CTF).

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

“We have invested heavily in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure our platform remains the most secure and trusted in the industry,” he added.

Binance exchange is spreading all over the world

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

Binance still aims to expand into other markets in Africa, Asia, and Europe as exchange fortunes reverse. Last year, the company received warnings from regulators about its lack of authorization to operate or offer certain services in their markets. The United Kingdom, Italy, Canada and Thailand, among many other countries, then questioned the operation of the exchange.

Following its expansion into Spain, the exchange has announced that it will significantly expand its operations in Spain to make the services more accessible to everyone.

“Following this listing, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the next few years, we will hire local talent to serve the Spanish-speaking market and help grow the local crypto ecosystem, said Quim Giralt, Director of Binance Spain.

Mary I. Bruner