Showing regulators a white leg – The giant of the cryptocurrency decided to submit to all regulations possibilities to expand his business empire to the four corners of the world. Lately it’s Europe that the company has put down its suitcases to negotiate with the local authorities. France has just granted him his famous PSAN and theSpain is about to do so. But pending the final decision, Binance shows goodwill and suspends its derivatives activities in the country of Cervantes. We take stock of the situation.
No more cryptocurrency derivatives pending approval
In Spain, to sell cryptocurrencies and advertise your products, you must obtain the Bank of Spain Guarantee Certificate. While waiting to obtain this precious sesame, your company will be placed on the “grey list” of La National Securities Market Commission (CNMV). This is the case of the multinational Changpeng Zhao (CZ) who is patiently waiting for her turn.
In order not to offend the venerable CNMV, Binance preferred to remove from the Spanish version of the platform all its services relating to derivatives. Of course, it is always possible for an ordinary Spaniard to buy or sell all cryptocurrencies on the daily market. This strict compliance regulatory decisions from theexchange is to be put into perspective with all the efforts made for months to comply with national requirements. CZ sums it up like this:
“We want to be fired everywhere. From now on, we are going to be a financial institution. »
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Binance wants to be the best student in the class
Binance wants to join some cryptocurrency exchanges like Bit2Me or BitBase. These have already obtained the green light from the Bank of Spain. This implies the official acknowledgment that ” the platform complies with the regulations. In particular with regard to the prevention of money laundering as well as the requirements of commercial and professional integrity which are imposed on all credit entities “. Says the Bank of Spain.
Alberto Ortizthe head of Binance in the country even wants to become an example to follow:
” With our membership in the Bank of Spain register, we hope to encourage other companies to do the same.. »
The offensive in Europe is real from CZ and his teams. In Franceat the Paris Blockchain Week Summit 2022, Binance pledged to invest 100 million in a start-up incubator. Additionally, the former Deputy General Counsel of theFinancial Markets Authority (AMF) Stéphanie Cabossioras was poached and now works for theexchange. This for – most likely – simplify procedures in Europe and better understand them.
It remains to be seen what the Spanish authorities will decide. They could be inspired by what the French have done, namely to recognize Binance as a official operator. Or on the contrary, always demand more guarantees like the Financial Conduct Authority (FCA) UK. Crypto behemoths are vying for a giant game of Risk and Binance is poised to take over Europe.
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