Crypto exchange Binance’s has had its Spanish subsidiary Moon Tech Spain licensed as a virtual assets provider (VASP) by the Bank of Spain.
Having applied for registration on January 28, Binance made the announcement last Friday 8 July that the company’s efforts had been successful.
“This registration will allow Binance to offer crypto asset exchange and custody services in Spain in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules”, read a press release.
The Bank of Spain has followed in the footsteps of its European neighbours. In early May, French banking regulator Autorité de contrôle prudentiel et de résolution (ACPR) approved the company as a registered digital asset provider (DASP) under the market regulator Autorité des marchés financiers (AMF).
Shortly after, Italy granted the exchange a digital asset provider licence, a turnaround from last year when the National Commission for Companies and Stock Exchange issued warnings surrounding Binance’s authorization.
After a rocky few years for Binance’s reputation, the situation surrounding credibility seems to be improving. Regulators haven’t been too fond of the exchange thus far, with many claiming the company was unlicensed in its jurisdictions.
Earlier this year, Binance announced its branch in the Middle East operating licences in Bahrain and Dubai.