Binance Secures Registration in Spain Through Its Moon Tech Subsidiary
The company can now offer crypto trading and custody services in the country.
Jul 8, 2022 at 11:01 a.m. UTCUpdated May 11, 2023 at 4:21 p.m. UTC
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Crypto exchange Binance's Spanish subsidiary, Moon Tech Spain, has been granted registration as a virtual asset services provider by the country's central bank.
- Registration allows Binance to offer crypto exchange and custody services in Spain in compliance with the country's anti-money laundering and counter-terrorist financing rules, it said Friday.
- Having obtained approval to operate in Bahrain, Abu Dhabi and Dubai earlier this year, Binance has been seeking to expand its regulatory ambit in Europe.
- Last year, the world's largest crypto exchange by trading volume received a string of warnings from regulators about its lack of authorization to operate or offer certain services in their markets. These included the U.K. and Italy.
- Since then, it has been beefing up its regulatory and compliance teams.
- Binance now plans to expand its headcount and operations in Spain by hiring local workers to serve the Spanish-speaking market.
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Jamie Crawley is a CoinDesk news reporter based in London.