The Bank of Spain Registers Binance’s Subsidiary as a VASP

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The Bank of Spain notified the exchange that it would be keeping a close eye on the VASP and its further compliance with Spain’s jurisdictions.

Binance, the world’s biggest crypto exchange, has recently announced that the Bank of Spain has successfully registered its subsidiary, dubbed Moon Tech Spain, as a Virtual Asset Services Provider (VASP), following the firm’s recent arrival in France and Italy.

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According to the official announcement issued on July 8th, the news arrived six months after Binance’s subsidiary first applied for the registration. From now on, the exchange will be able to offer its crypto and custody services in Spain, in full compliance with the central bank’s anti-money laundering (AML) and counter-terrorist funding (CTF) rules.

Changpeng Zhao (CZ), the CEO of Binance, noted that the firm’s successful landing in Spain displays its commitment to ensuring that its users are protected at all times.

On top of that, CZ added that the crypto exchange has allocated a significant amount of its capital to create a safer environment, while additionally introducing AMLD 5 and 6 compliant tools and policies.

Quim Giralt, the director of Binance Spain, also commented on the registration and mentioned that it will pave the way for the company to boost its headcount in the near future:

“Over the coming years, we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.”

In fact, Spain is the third country in the European Union to register the crypto exchange as a digital asset provider. Earlier in May, Binance significantly expanded its operations in the second-smallest continent by receiving licenses in Italy and France.

Last year, a number of regulators warned the exchange about illegally issuing products in particular markets. Nonetheless, since then, Binance has been enlisting numerous regulatory teams to strengthen its compliance.

Back in June, Binance reported on its plans to obtain a license from VASP and BSP in Philipines. Currently, there is no additional information regarding the matter.