The largest cryptocurrency exchange in the world, Binance, has its local branch approved by the Bank of Spain as a platform for virtual currencies.
The largest cryptocurrency exchange in the world, Binance, has been recognized by the Bank of Spain as a virtual currency platform with policies in place to prevent money laundering and terrorism funding.
The bank stated that registered providers must abide by laws pertaining to money laundering and terrorism financing, but added that it does not monitor the platforms’ operational and financial risks and that is listed in the registry does not imply that the central bank has given its approval to its operations.
With around 120 million users globally, Binance tweeted on Friday that its register in Spain will enable it to provide custody and exchange services for crypto assets in that nation while adhering to regulations laid out by the central bank.
As the European Union develops new regulations on the industry, the registration shows that Binance is gaining pace in Europe after it was recently added to national registrations in France and Italy as well.
According to new laws adopted last week by the EU to control a volatile market, cryptocurrency businesses will require a license and client safeguards to produce and sell digital tokens in the European Union.
Since new regulations are expected later in 2023, there is now no cross-border authorization of crypto services within the EU. However, this will change.
Invoking a recent Reuters report on money laundering on the platform, a French member of the European Parliament urged France’s market regulator earlier this week to revisit its decision in May to register Binance.
Binance was used as a conduit for the laundering of at least $2.35 billion in illegal cash, according to the Reuters report.
