Technology

Binance Subsidiary Successfully Registered in Spain


The Central Bank of Spain has just accepted the registration of a Binance subsidiary to become a virtual asset service provider in the country.

According to the Bank of Spain, in order to be registered, the company will have to comply with the rules related to combating money laundering and terrorist financing.

Although included in the register, this does not mean that the Central Bank approves the activities of this enterprise. The Bank of Spain also refused to monitor the financial and operational risks of the platform.

In a recently shared tweet, Binance said the exchange with 120 million users has been authorized to offer crypto-asset exchange and custody services in Spain.

This is considered a success for Binance – the world’s largest cryptocurrency exchange. Previously, Binance was successful in registering operations in France and Italy in the context of the European Union (EU) preparing for the introduction of new regulations in this regard.

A subsidiary of Binance has just successfully registered in Spain.

According to new rules adopted by the EU last week, crypto companies need to have licenses and safeguards in place to be able to issue and sell cryptocurrencies in the EU member states. Europe.

Current rules do not allow cross-border cryptocurrency transactions to be carried out in the EU. This will change when the new rules come into effect from 2023.

The majority of crypto assets globally are unregulated. In the European Union, the requirements of the countries in this bloc are to ensure measures to combat money laundering.

Recently, a member of the European Parliament urged France to reconsider its decision to allow a subsidiary of Binance to register in the country.

Trong Dat (According to Reuters)

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