- The Bank of Spain recently registered Binance’s Spanish subsidiary Moon Tech Spain, S.L. as a VASP.
- Binance will be able to comply with Spain’s AML/CTF rules after completing this registration.
- The Bank of Spain oversees VASPs that offer currency exchanges for crypto-assets and electronic wallet custody services.
The registration as a Virtual Asset Services Provider (VASP) was just awarded to Binance‘s Spanish subsidiary, Moon Tech Spain, S.L., by the Bank of Spain. This was just recently announced by Binance.
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 will be able to comply with the requirements of Spain’s central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) standards after completing this registration, which will enable the company to provide cryptocurrency assets exchange and custody services in Spain.
After submitting an application for registration on January 28, 2022, Moon Tech Spain was successful in obtaining registration from the Bank of Spain on July 7, 2022.
VASPs that provide exchange services for euros or other currencies for crypto assets, as well as custody services for electronic wallets, are within the purview of the Bank of Spain, which monitors and guarantees that these businesses comply with AML and CTF regulations. Additionally, the Bank of Spain investigates whether or not the community organization and its board of directors meet the standards for commercial and professional honorability.
Binance’s founder and current CEO, Changpeng Zhao (CZ), reportedly stated:
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.
Moreover, the crypto exchange was granted VASP certification by France in May. The country’s financial markets watchdog, Autorité des marchés financiers, granted the exchange the registration it needs to begin offering its services.
Additionally, shortly after, the corporation received a second European regulatory clearance. Binance Italy could offer cryptocurrency services. Local legislation required it to register with Italy’s “Organization of Agents and Mediators” (OAM).