Binance makes its landing in the European country official by submitting its registration request to the Bank of Spain. This with the aim of being a cryptocurrency service provider in the country. Emphasizing their willingness to follow the regulations of the regulators.
Binance strengthens its crypto commitment to Spain
Spain is Binance’s next goal of conquest and, therefore, they seek to formalize it through their request to the registry of operators in the sector that is being prepared by the Bank of Spain.
“In Spain, several million people dedicate part of their time daily to blockchain technology and crypto assets,” said Alberto Ortiz, Country Head of Binance for Iberia.
For those who do not know, in October 2021, the Bank of Spain enabled the registry for cryptocurrency service providers. This with the aim of ensuring that companies in the sector have the appropriate procedures; specifically in the prevention of Money Laundering and Terrorist Financing.
In fact, the registration obligation involves both natural and legal persons that offer any type of service related to cryptocurrencies; specifically in Spain.
A market impossible to ignore
Spain has become an attractive country for crypto companies. In fact, if you follow CriptoTendencia closely, you will know that this European country has seen a significant expansion of cryptocurrency ATMs.
And Binance is aware of this growth. Therefore, the request presented supposes the landing of Binance in Spain. The interest in the Spanish market leads Binance to include educational and local development activities in its plans.
“Having good regulations that protect consumers while encouraging innovation is important for the growth of the industry,” explains Ortiz. According to Binance, user protection is their priority.
And it is that, in the crypto market, trust is a key element. Without trust, no crypto exchange can grow. Therefore, everything must be transparent.
It is precisely for this reason that Binance decides to enter a market hand in hand with legal regulations.
Spain, for its part, has worked hard in recent months seeking to regulate the crypto market. In fact, they have recently established new rules; specifically regarding advertisements about cryptocurrencies.
We want to know your opinion! Will Binance manage to conquer the Spanish market? Is regulation positive? Leave us a comment.