Moon Tech, a subsidiary of Binance has been offered a license to offer cryptocurrency services by the Bank of Spain.
This approval recognizes the firm as a virtual asset service provider (VASP) in Spain.
With this license, Binance can operate in the country after it has worked with regulators to ensure compliance with Spanish laws.
Confirming the development, the CEO of Binance, Changpeng Zhao said that the firm has invested in ensuring that it complies with regulations.
“Effective regulation is essential for the widespread adoption of cryptocurrencies. 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. 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.”
“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.”Quim Giralt, Director of Binance Spain said.
Spain recently announced efforts to scrutinize the crypto Industry in the country.
Recently, Madrid announced that it will soon introduce new regulations, and enforce know your customer while the Spanish Police announced the banning of anonymous crypto transactions.
Police officers have said that the increasing use of crypto in funding these illicit activities is making it difficult for them to trace payment routes.
The Spanish police had also announced that it would deploy blockchain-based
crypto-surveillance technologies to address the rise in drug trafficking in the Strait of Gibraltar.
The police said that the use of cryptocurrency is used to fund drug trades in these waters that connect Spain with Morocco and Gibraltar.
