The Virtual Asset Services Provider (VASP) registration for Binance’s subsidiary has been granted by the Bank of Spain. Moon Tech Spain, the company’s subsidiary in Spain, has been approved by the country’s regulatory body becoming a Virtual Asset Services Provider (VASP).
Due to Moon Tech Spain’s registration, Binance will be allowed to provide crypto asset exchange and custody services in Spain. Clients in Spain may now trade and store crypto with the biggest platform.
For example, anti-money laundering and counterterrorist funding standards will be adhered to while implementing these solutions.
Hola Espana! 🇪🇸#Binance has been granted registration as a Virtual Asset Services Provider (VASP) for its Spanish subsidiary by the Bank of Spain.
This will allow Binance to offer crypto asset exchange & custody in Spain in compliance with the central bank’s AML & CTF rules.
— Binance (@binance) July 8, 2022
Binance’s Expansion in Europe
After France and Italy, Binance has now obtained its third European registration. Earlier this year, Binance and Thai power company Gulf Energy Development formed a joint venture to obtain a digital asset exchange license in Thailand. The platform was granted a virtual asset license in Dubai in March.
To emphasize its commitment to compliance, Binance hired Steven McWhirter in January as its first head of regulatory policy.
The director of Binance Spain, Quim Giralt said that the next stage, will be to increase the exchange’s employees in Spain and to make its services more accessible. The CEO said that they will be recruiting more locals to better serve the Spanish market and contribute to the country’s ecology.