Binance Registers as a Digital Assets Service Provider in Spain

[Robert518]

The world’s largest cryptocurrency exchange by trading volume, Binance through its Spanish subsidiary (Moon Tech Spain) on Friday, announced its expansion to Spain following approval by the bank of Spain.

In a statement by Binance CEO, “Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else.”

“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,” added CZ.

Continue Reading: https://mycryptoparadise.com/binance-registers-as-a-digital-assets-service-provider-in-spain/

[Bttzed03]

It looks like we'll more countries accepting them. This also reminded me of the time CZ visited Philippines last month and talked about Binance applying for a license to operate as a Virtual Asset *Service* Provider (VASP) in the country.

I remember when Binance was criticized for not having an official country where it legally operates. Many of the new users probably do not know that it became popular when crypto traders left former top exchanges Bittrex and Poloniex because of privacy issues. Those two exchanges were the first to implement KYC and froze a lot of accounts. Most of the early Binance users probably left already or just accepted the fact they cannot escape regulation and stayed

[crwth]

To be clear, they have only applied but not yet approved, right? They are waiting for the regularization or the approval of their registration as a Digital Assets Service provider, correct?

This would be a significant step for more people to be interested in crypto and probably have the best approach toward different types of investments along the way. Being the best provider would reap its rewards.

[NotATether]

I remember when Binance was criticized for not having an official country where it legally operates. Many of the new users probably do not know that it became popular when crypto traders left former top exchanges Bittrex and Poloniex because of privacy issues. Those two exchanges were the first to implement KYC and froze a lot of accounts. Most of the early Binance users probably left already or just accepted the fact they cannot escape regulation and stayed

If it came down to choosing between a bunch of exchanges, I would rather go with Binance than similar, government-snitching exchanges (Coinbase), even though they are playing cat-and-mouse with regulators. They are really determined not to go down from AML, so at least I can trust that the exchange will not disappear with the funds I'd put in it.

[BitcoinGirl.Club]

If it came down to choosing between a bunch of exchanges, I would rather go with Binance than similar, government-snitching exchanges (Coinbase), even though they are playing cat-and-mouse with regulators. They are really determined not to go down from AML, so at least I can trust that the exchange will not disappear with the funds I'd put in it.

Sooner or later Binance and others who are a little tolerate about AML, KYC will become Coinbase. All these license from the banks they acquire eventually help them to expand their business but these licenses force them to be strict. Strict means play buy bank's rules. We need decentralized exchanges to take over the market instead of these centralized exchanges. Only then we will enjoy the freedom of bitcoin.

I remember when Binance was criticized for not having an official country where it legally operates.

It was better because they would not need to worry about making the money printers' happy.

[Baofeng]

It looks like we'll more countries accepting them. This also reminded me of the time CZ visited Philippines last month and talked about Binance applying for a license to operate as a Virtual Asset Provider (VASP) in the country.

Yep, but for sure majority of us Filipinos took advantage of Binance in our country, win-win, and I'm taking advantage of it because they support local banks and virtual wallet (G-cash), at least we have more options. So meaning competitions might drive services and produce features for the better.

So I'm not surprised by this another expansion by CZ in Europe. And this could be just the beginning for CZ having his foothold in EU. But there will be such time that CZ will be so powerful, just saying.

[jossiel]

They have it on their plan to have as much license as they can for most countries that they can operate.

Most of the regions where they are having a lot of users is their priority. Binance is expanding and targeting regions where they have most customers and they're doing everyone a favor to reach as far as they can.

This is why they're also becoming controversial for some countries because of the wide reach that they have.

[cryptomaniac_xxx]

So I'm not surprised by this another expansion by CZ in Europe. And this could be just the beginning for CZ having his foothold in EU. But there will be such time that CZ will be so powerful, just saying.

It might bite him on his ass though, EU is not to be messed with, just look at what they did to Mark Z. He become so powerful and enormous, and then when they have a chance to break him up and take a shot in relation to use of data, then CZ will have to be very careful here. Not just for EU regulators, but from his competitors as well.

[tbct_mt2]

Binance is taking advantage of this bear market to be a strong builder. They try to expand their ecosystem to more countries and sign contracts with influencers like Cristiano Ronaldo.

They have a strong competitor, FTX exchange and as you see, CEOs of Binance and FTX have shown some conflicts on social media, months ago and recently. FTX is a most dangerous competitor of Binance in my opinion.

CZ has made many business tours around the world, including Spain and met many important people. Deals closed in such business tours.

[Husires]

Can we read this news with this topic? Spanish exchange 2gether shutdown over market crash
It seems that any void occurs due to the crypto winter and bankruptcy of some platforms, Binace and FTX are ready to fill it.
FTX closes in on a deal to buy embattled crypto

the difference is that one of them buys and other enters as an alternative.

[Darker45]

Binance is taking advantage of this bear market to be a strong builder. They try to expand their ecosystem to more countries and sign contracts with influencers like Cristiano Ronaldo.

Bearish or bullish, Binance's CZ has always been on the move to promote his business. I'm honestly amazed at this man's business aggressiveness. In addition to Cristiano Ronaldo, Binance also recently signed a deal with the popular social media personality, Khaby Lame.

CZ even met with presidents like Kassym-Jomart Tokayev of Kazakhstan, Nayib Bukele of El Salvador, Macky Sall of Senegal, Alassane Ouattara of Ivory Coast.

Perhaps what the bear market gave CZ is the opportunity to grant loans to, or even acquire, a number of crypto companies that have been severely affected.

[SFR10]

To be clear, they have only applied but not yet approved, right? They are waiting for the regularization or the approval of their registration as a Digital Assets Service provider, correct?

I was also confused by their choice of words, but as it stands, they've already got the license to act as a VASP in Spain.

But there will be such time that CZ will be so powerful, just saying.

Judging by their current market share, they're already powerful enough and that's not a good thing!

• FTX is a most dangerous competitor of Binance in my opinion.
  

  That's true, but there's still a huge gap between them ^{[unfortunately]}.

[crwth]

To be clear, they have only applied but not yet approved, right? They are waiting for the regularization or the approval of their registration as a Digital Assets Service provider, correct?

I was also confused by their choice of words, but as it stands, they've already got the license to act as a VASP in Spain.

Upon checking, for those who are interested, here are some reference links that says they already have and they have been approved as VASP by the Bank of Spain.

https://www.binance.com/en/blog/ecosystem/binance-secures-virtual-asset-service-provider-registration-in-spain-6229537652846902001/
https://news.bitcoin.com/binance-gets-vasp-license-from-the-bank-of-spain/


It's amazing that they have received certification from the Bank of Spain. I do hope that it continues with other countries as well.

[The Cryptovator]

To be honest, as a centralized exchange Binance trying hard to get legal documents from each country they are operating their service. Of course, this is the best way to protect users from government action. It's a strong crypto adaption as well. Still, my country doesn't allow to use of cryptocurrency. Hope some days Binance will get legal documents and help crypto adaption here.

[Baofeng]

But there will be such time that CZ will be so powerful, just saying.

Judging by their current market share, they're already powerful enough and that's not a good thing!

True, even in our country, Binance already in the market and has been making their presence felt already. However, since we have a new government,  BSP Urged to Ban Binance For Illegally Operating in the Philippines.

So not just in Europe, Binance has been in Asian countries already. So it's not going to be smooth sailing for him.