The biggest bitcoin exchange platform aims to take over Europe after five years of operation. After France and Italy, Binance formally starts doing business in Spain.
Official start of Binance’s operations in Spain
Some organizations claim that the cryptocurrency industry is constantly dangerous and requires monitoring and laws. The world’s largest cryptocurrency trading platform is now firmly established in Spain after several months of waiting. On July 7, 2022, the announcement was made on Binance’s Twitter. In fact, the platform, which has already made a name for itself in several nations throughout the world, is now expanding its operations to the Spanish coasts.
After receiving license from Italian regulators, it is now up to Binance’s Spanish affiliate to start moving in the correct direction. Moon Tech Spain SL, a subsidiary of the exchange, was registered as a Virtual Asset Service Provider, according to the release (VASP).
Hola Espana! 🇪🇸#Binance has been granted registration as a Virtual Asset Services Provider (VASP) for its Spanish subsidiary by the Bank of Spain.
— Binance (@binance) July 8, 2022
This will allow Binance to offer crypto asset exchange & custody in Spain in compliance with the central bank’s AML & CTF rules.
Given how risky the procedure was, Changpeng Zhao, CEO of Binance, is celebrating a significant victory. He also argued that good regulation is essential for cryptocurrencies to become widely accepted. As a result, it’s crucial to act ethically and legally.
Binance seeks to saturate Europe
The cryptocurrency market is fiercely competitive, therefore enterprises must exercise extreme caution. The competition is tough as new exchange platforms are developed, so finding ways to attract the most clients and offer the finest services is unquestionably a viable alternative. In order to accomplish its expansion goals, Binance has realized this and, following America and Asia, the platform is crisscrossing Europe.
Binance first received approval from French officials in May of this year. The Organismo Agenti et Mediatori (OAM) then had the opportunity to approve in Italy. Spain joined the exchange’s expansion map yesterday. Next, what? Since CZ hasn’t mentioned the various phases of his proposal, nobody is sure yet.
Despite the challenging times the cryptocurrency sector is facing, CZ is still persuaded of the economic value of cryptocurrencies. Despite the decrease, the CEO of Binance has shown a particular interest in the major crypto markets over the past few months. What comes after this on its road map? No clue! The exchange, however, has a significant probability of moving to a different part of Europe.
