Binance Officially Becomes A Crypto Trading Platform With The Blessing Of The Bank Of Spain, But There Are Conditions...

Binance is now official in Spain. (photo: Unsplash doc)

JAKARTA – One of the world's largest crypto exchanges, Binance, recently became a virtual currency platform listed on the Bank of Spain. To that end, Binance will be required to comply with certain regulations such as anti-money laundering and terrorist financing regulations.

In addition, Binance also announced that the company's listing with Bank of Spain allows the platform to carry out crypto asset exchange and storage operations in Spain. This can be done in cooperation with the regulations applied by the Bank of Spain.

For information, currently the Binance crypto exchange has around 120 million users worldwide. Binance is the world's largest crypto trading platform by volume of digital asset trading on the platform.

Although Binance has to comply with regulations from Spanish financial bodies, according to local authorities, they will not monitor the financial and operating risks of the listed platforms. The central bank also states that inclusion in the registry does not mean that the activities of an entity are approved.

This is the third approval Binance has had. Previously, the crypto exchange had applied for permits in Germany and France. Contrary to these conditions, Binance is still dealing with supervisors of law enforcement agencies and regulators in a number of countries including the United States, United Kingdom, Japan, Hong Kong, Israel, and South Africa.

In related matters, Binance has previously withdrawn operations from Australia and Singapore, and faces a potential ban in Malaysia.

Meanwhile, the European Union is working on new regulations for the crypto industry, urging crypto companies to have licenses and provide protection to customers before they trade cryptocurrencies on the European continent.