The cryptocurrency exchange Binance has announced its registration in the registry of crypto asset service providers of Bank of Spain. According to Europa Press, with this initiative he formalizes his commitment to local regulars and takes his first steps to disembark in Spain. Binance thus ensures that it can provide its services in Spain, since it is an essential condition to offer “virtual currency exchange services for fiduciary currency and custody of electronic wallets.”
Binance in Spain
The news has not sat well with Binance clients, since the exchange must inform the Treasury of all the movements made by its users with cryptocurrencies. In fact, there has been a barrage of angry customers saying they will close their Binance accounts.
CNMV studies the sale of tokenized shares of Binance, such as FCA and BaFin
The registration in the Bank of Spain register takes place in the midst of a global operation to launder the company’s image, heavily damaged by the reprimands received from the world’s main regulators. Some of the most notorious were those of the Financial Conduct Authority (FCA) of the United Kingdom and that of the German regulator BaFin. FCA even issued a warning on Binance Markets Limited and Binance Group, stating that it should indicate on its website that it could not offer regulated services in the country and that it should close all its cryptocurrency operations.
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Pressure from regulators around the world
Likewise, the service for the sale of fractions of shares that Binance brought to the market coinciding with the IPO of its rival Coinbase, was criticized by Bafin. The German regulator said that Binance Deutschland GmbH & Co. KG could have issued securities in the form of “stock tokens” without the required prospectuses.
The exchange of Chinese origin also suffered harsh warnings from regulators in Japan, Canada, Malta, Malaysia, Italy or the United States. The truth is that there was rarely a week that a regulator did not notify Binance that something was not right. Amid regulatory pressure, Changpeng Zhao, CEO of the company, announced the signing of Brian Brooks as the new CEO for its US division. Brooks came to Binance after an eight-month stint at the Office of the Comptroller of the Currency (OCC), one of the most important US regulators for the digital industry.
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The arrival of Brooks and the disappearance of Coley
Zhao then said that Brooks’ arrival was a testament to the strength of the platform. Brooks was very pleased with the position and said that he was eager to collaborate in the development of a regulatory framework that would allow Americans to obtain benefits from decentralized finance. However, three months later, he announced on his Twitter account that he was stepping down. Brooks replaced Catherine Coley, who was CEO of Binance US until Brooks’ arrival. Well, for days, several media outlets have been talking about Coley’s disappearance.
Cointelegraph, one of the most important newspapers in the crypto industry, has published that since Brooks arrived at Binance, Coley disappeared from the face of the digital world. This outlet reports that the former CEO of Binance, who regularly posted updates about the exchange and her personal life on her Twitter account, has not posted anything since April 19, 2020.
Regulatory Pressures Force Binance to Suspend Euro Deposits in SEPA
The truth is that Binance, which is one of the largest exchanges in the world, has never stood out for its transparency. To this day, it is still unknown where in the world its headquarters are located. It seems that Ireland, but it is not sure either. Its CEO said in October that they were looking at France and Ireland as possible homes.
Binance, the world’s largest cryptocurrency platform, has joined Aliança Portuguesa de Blockchain, a non-profit association that includes, among other companies, Microsoft, Vodafone, BBVA, Everis and more than 20 major law firms operating in Portugal.https://t.co/M0YGefJ3n9
– CZ 🔶 Binance (@cz_binance) January 20, 2022
Binance skips the Stock Exchange and allows the purchase of fractions of shares
Perhaps, after his bad experience with the regulators, we are facing a new Binance. A company that understands everything you say when you speak.
The announcement of its registration as a provider of cryptoactive services in Spain is accompanied by other announcements. Like the one carried out two days ago, informing of the reopening of operations with the single payment area in Euros (SEPA). The exchange was forced to suspend these operations last July, due to regulatory pressures. The KNOW harmonizes the way cashless euro payments are made across Europe. In addition to covering the EU, the following are also part of the SEPA schemes: Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint Pierre and Miquelon, Guernsey, Jersey and Isle of Man
Binance, the exchange that nobody knows where it is, bets on Spain and Latin America
Likewise, its CEO published a tweet a few days ago in which he reported the inclusion of Binance in the Portuguese Blockchain Alliance. An association, Zhao presumes, that includes, among other companies, Microsoft, Vodafone, BBVA or Everis.
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