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Binance Secures VASP in Spain

Binance announced that their Spanish subsidiary, Moon Tech Spain, S.L., has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain.

This registration will allow Binance, which also plans on expanding in other European countries, 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.

Moon Tech Spain was granted registration by the Bank of Spain on July 7, 2022, having applied for registration on January 28, 2022.

The Bank of Spain oversees and ensures compliance with AML and CTF rules for VASPs offering exchange services for euros or other currencies for crypto assets, as well as custody services for electronic wallets. The Bank of Spain also verifies compliance of the local entity and its directors with the commercial and professional honorability requirements.

This milestone follows European registrations for Binance’s local entities in France and Italy, and further attests to the robustness of Binance’s AML and CTF controls.

Changpeng Zhao (CZ), founder and CEO of Binance, commented, “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. Moon Tech’s registration in Spain is an acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else.” 

Quim Giralt, Director of Binance Spain mentioned that following this registration, the company will significantly expand its team, as its has previously mentioned. This will allow Binance to make the services it offers more accessible to everyone. Over the coming years, local talents will be hired to serve the Spanish-speaking market, and help to grow the local crypto ecosystem.


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