Summary:
- The Bank of Spain issued a crypto license to leading digital asset exchange Binance.
- CZ’s company is now approved to service Spanish customers under a Virtual Asset Services Provider license.
- The platform is regulated in multiple European markets including France and Italy.
- Sources also reported that Zhao and his team might have eyes on a crypto license in Germany.
- CZ’s exchange has a presence in the Middle East as well.
Binance bagged a key regulatory license in Spain on Friday that will allow the platform to offer its services and digital asset trading facilities to customers in the region as the exchange intensifies its operations across Europe and the globe.
As confirmed by both the firm and CEO Changpeng Zhao, the Bank of Spain has indeed issued a crypto license to the world’s largest exchange. The Spanish apex bank has approved CZ’s exchange to operate as a Virtual Asset Services Provider (VASP).
Zhao’s exchange is set to service customers in the country through its Spanish subsidiary, Moon Tech Spain. Moon Tech initially applied for the license earlier on January 28, 2022 and subsequently passed the regulators’ anti-money laundering and counter-terrorist financing (AML/CTF) checks.
CZ leveraged the news to reiterate how effective regulation is crucial for broader crypto adoption. The company chief also stressed that the exchange plans to continue investing in compliance and growth.
Director of Binance Spain Quim Giralt commented that the firm has a team expansion lined up following the regulatory nod from the Bank of Spain.
Binance Expands European Operations
Spain marks another landmark moment for the world’s largest exchange. The platform is also regulated in Italy and France, as EthereumWorldNews reported earlier. There are also rumors that Zhao and his team are in talks with German regulators over a possible crypto license.
In the Middle East, Binance has approval from Abu Dhabi, Bahrain, and Dubai.