Binance gets crucial license for its Spanish subsidiary from the Bank of Spain

Changpeng Zhao, the CEO of Binance, said that compliance with regulation is very crucial to the broader adoption of crypto.

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Crypto exchange Binance has been registered as a virtual asset service provider (VASP) by the Bank of Spain. This allows the exchange to offer custody and crypto exchange services in the country legally. 

Binance said in an announcement on Friday that its Spanish subsidiary, called Moon Tech Spain, was registered as a VASP by the national central bank in Spain on July 7. It applied for registration in January.

The exchange is now allowed to provide fiat currency exchange to digital assets and wallet custody services while complying with the anti-money laundering and counter-terrorist financing rules within the country.

Binance CEO Changpeng Zhao said the development in Spain is a result of their hard work to make their platform centered on protecting users. He explained that:

“Effective regulation is essential for the widespread adoption of cryptocurrencies. We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry.”

Quim Giralt, the director of Binance Spain, also commented on the new development. According to Giralt, their next move will be to expand the team in Spain and make the exchange's services more accessible. The executive noted that they will be onboarding more local talent to cater to the Spanish market and contribute to growing the ecosystem within the country.

Related: Bank of Spain issues registration guidelines for crypto services

In May, the crypto exchange secured VASP approval from France. Financial market regulator Autorité des marchés financiers has given the exchange the necessary registration to offer their services in the country.

Amid opposition from a local think tank, Binance has also expressed its intention to secure licenses in the Philippines. The exchange told Cointelegraph on Thursday that they are already engaging in discussions with the country's regulators and stakeholders.

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