The Binance cryptocurrency exchange submitted its registration application to the Bank of Spain as a cryptocurrency service provider, an initiative with which it “formalizes its commitment to local regulators” and takes its first steps to disembark in Spain.
Until now, Binance did not have a Spanish subsidiary. The creation of its own division in Spain reflects Binance’s interest in the Spanish market, in which it plans to carry out educational activities and promote local talent, as highlighted by the company in a statement.
“In Spain, several million people dedicate part of their time daily to blockchain technology and crypto assets. We celebrate that the Bank of Spain has recognized this social reality and has established a channel for users to be protected and for companies like Binance can provide their services with legal certainty and regulatory support,” said the head of Binance for Spain and Portugal, Alberto Ortiz.
Ortiz has emphasized that “having good regulations that protect consumers while encouraging innovation is important for the growth of the industry.”
Last October, the Bank of Spain enabled the registry for cryptocurrency service providers. Registration is conditional on these providers having adequate procedures and bodies for the prevention of money laundering and terrorist financing, as well as compliance with the requirements of commercial and professional integrity.
The supervisor indicates that natural or legal persons who offer or provide these cryptocurrency services in Spain must register, regardless of their nationality, as well as natural or legal persons whose base of activities is in Spain, regardless of the location of the recipients.