After France and Italy, Spain becomes the third country in the European Union to register Binance as a digital asset provider.

Binance announced today that its Spanish subsidiary, Moon Tech Spain, was registered with the Bank of Spain as a Virtual Asset Service Provider (VASP) on July 7.

Moon Tech’s registration in Spain is recognition of our teams’ hard work and commitment to delivering a platform that puts user protection above all else“, Binance creator Changpeng Zhao said in a statement.

Binance began VASP registration on January 28. Now, after yesterday’s approval, the cryptocurrency exchange can offer its services across Spain in full compliance with central bank Anti-Money Laundering (AML) rules and the financing of terrorism (CTF).

The Bank of Spain will also monitor the compliance of the local entity and its administrators with the country’s commercial and professional integrity standards.

We have invested significantly in compliance and have introduced AMLD 5 and 6 compliant tools and policies to ensure our platform remains the most secure and trustworthy in the industry.“, added Zhao.

Binance’s European Projects

Today’s news makes Spain the third country in the European Union to give Binance the green light. In May this year, France and Italy authorized the exchange to become an official digital asset provider.

Last April, Binance secured space in the Station F start-up incubator in Paris. Binance’s opening at Station F is part of the “Objective moon“, a 100 million euro cryptocurrency and Web3 investment initiative in France, which the exchange announced last November.

The initiative aims to develop a Binance research and development hub in France to recruit talent across the country and continent.

Binance also develops online educational materials and builds a professional network called “Moon Lens Accelerator“, which will connect companies in the sector.

A spokesperson said that “EU has the potential to become a leader in the crypto and blockchain industry. With a cohesive regulatory framework on the horizon with MiCA, there is a huge opportunity for Europe to position itself as the global hub of our industry.

Meanwhile, rival crypto exchanges FTX and Coinbase are also expanding their borders into Europe.

In March, the Cyprus Securities and Exchanges Commission approved the launch of FTX Europe, which is now the second subsidiary of the popular FTX exchange after the launch of FTX US in May 2019.

Coinbase said in June that it too plans to hire a regional manager to oversee the exchange’s European expansion.

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