Binance enters the Spain market

The Bank of Spain has authorized Binance to operate in Spain as a Virtual Asset Services Provider (VASP), in accordance with the AML & CTF regulations of the central bank. This will enable Binance to offer crypto asset exchange & custody in Spain.

Binance enters the Spain market

Binance registered in Spain

Binance is the leading provider of infrastructure for the crypto industry. After receiving approval from Italian officials, Binance Spain announced that they are now registered as a Virtual Asset Services Provider(VASP) in Spain. Regulators have granted the platform permission to open for operations.

Binance would be able to provide custody services in addition to cryptocurrency trade. Getting legal approval has become essential as regulations are a crucial aspect of the crypto industry. The Binance exchange would now comply with the nation's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations thanks to its most recent registration. Changpeng Zhao (CZ), the CEO of the exchange, elaborated on the significance of regulations by saying,

“Effective regulation is essential for the widespread adoption of cryptocurrencies. 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.”

Binance announced Zero fees trading

In order to boost competition with its competitor cryptocurrency exchanges, Binance has announced that it will cut Bitcoin trading fees to zero globally.

Trading fees for 13 stablecoin and fiat combo are being eliminated. The fee reduction is an expansion of a program that the biggest crypto exchange in terms of volume launched in the US last month. It ain't going to change till further notice. To coincide with the exchange's fifth anniversary this month, zero-fee trading will be in effect from now. CZ said:

"In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction."

Binance Trip to Europe

CZ has traveled all over the world for the expansion of Binance during the past few months. The cryptocurrency exchange began its journey through Europe in May of this year by acquiring regulatory authorization in France. Another positive sign emerged from Italian officials in this case. Binance Italy was successful in gaining registration with the "Organismo Agenti e Mediatori" as a Cryptocurrency Service Provider.

Despite the fall of cryptocurrencies, the crypto exchange appears to be moving into major markets. As part of its European ambition, the exchange would probably expand its company to other regions after France, Italy, and Spain.

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