Binance subsidiary Moon Tech Spain has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain.
According to an announcement on the company’s website, this will enable the world’s largest cryptocurrency exchange to offer crypto asset exchange and custody services in the region.
Compliance with the requirements of the central bank’s Anti-Money Laundering and Anti-Terrorist Financing (AML/CTF) regulations was of primary importance, which was acknowledged by Binance founder and CEO Changpeng Zhao.
“We have made significant investments in compliance and have introduced AMLD 5 and 6 compliance tools and policies to ensure that our platform remains the safest and most reliable in the industry,” he added.
“The registration of Moon Tech in Spain is an acknowledgment of the hard work and commitment of our teams to provide a platform that puts user safety above all else.”
Binance subsidiary approved for operation
In addition to acting as the monetary authority and financial watchdog, the country’s central bank oversees and ensures compliance with AML and CTF regulations. Registration was granted by the Bank of Spain on 7 July after Moon Tech Spain applied for registration on 28 January.
This is particularly the case for VASPs to provide exchange services for Euros or other currencies for crypto assets, in addition to custody services for electronic wallets. “The Bank of Spain also confirms compliance with the commercial and professional honor requirements of the local entity and its directors,” the announcement read.
Following this successful registration, Local Director Quim Giralt said that Binance will “expand our team and operations in Spain to make our services more accessible to all.”
This milestone follows the registration of local entities of Binance in other Western European countries. In early May, Binance France announced that it had been granted a Digital Asset Service Provider (DASP) registration by the country’s regulators. Later that month, Binance was approved to operate in Italy, reversing a ban imposed last year.
