Bank of Spain includes Binance in its crypto registry
The Bank of Spain has registered the local unit of Binance, the world’s largest cryptocurrency exchange, as a cryptocurrency platform with procedures for money laundering and terrorist financing.
Banks said registered providers must comply with rules on money laundering and terrorist financing, but do not oversee the financial and operational risks of the platform and that it is included in the registry is the central bank. The bank added that it does not mean approval of its activities by.
Binance, which has about 120 million users worldwide, tweeted Friday, saying that registration in Spain will allow it to offer crypto asset exchange and storage domestically in accordance with central bank rules.
The registration shows that Binance is gaining momentum in Europe after France and Italy have included Binance in their national registries in recent months as the European Union is preparing new regulations on this sector. increase.
Cryptocurrency companies will need licenses and customer protection to issue and sell digital tokens in the European Union under the new rules agreed by Block last week to tame volatile markets.
The current rule does not have cross-border approval of crypto services across the EU, but it will be changed by a new rule scheduled for late 2023.
Globally, crypto assets are largely unregulated and European Union domestic operators are only required to show control to combat money laundering.
A French parliamentarian in the European Parliament, citing a recent Reuters survey on money laundering on the platform, called on French market regulators earlier this week to revisit May’s decision to register Binance. rice field.
According to a Reuters report, Binance served as a laundering conduit for fraudulent funds of at least $ 2.35 billion.
