License Restrictions, Binance Suspends Cryptocurrency Exchange Services In Spain

Posted on May 10, 2022 in Cryptocurrency

COINHOT – Binance, the world’s largest cryptocurrency exchange, has suspended cryptocurrency derivative services in Spain.

This is due to licensing issues between the Spanish regulator ComisiĆ³n Nacional del Mercado de Valores (CNMV) and the Spanish bank.

Since there is no license or operating license from the relevant authority, Binance had to hide the drop-down list of derivatives that are still available in the global version.

According to local media La InformaciĆ³n reported by Cointelegraph, Binace has taken this action to comply with the applicable laws in Spain.

Prior to this ban, Binance originally planned to further expand its market expansion in Spain by offering crypto services such as futures gateways, cryptocurrency exchanges, crypto derivatives, or securities contracts that can be traded through reference crypto assets.

Binace’s expansion to Spain was launched in June 2021 with the aim of accelerating the growth of crypto exchanges for regulators to undertake.

However, the US exchange, which was not approved, canceled its derivative services and withdrew from the Spanish cryptocurrency market.

Not just Binace. Many crypto platforms such as Coinbase and Bit2Me are graylisted by the Spanish authorities.

With the massive adoption of Spanish cryptocurrencies, reaching 233,000 investors in the first quarter of 2022, CNMV and Spanish Banks have strengthened the circulation of crypto services.

The expansion to Spain failed, but that didn’t dampen Binance’s enthusiasm to expand its relationship in Europe as Binance recently started expanding its services to France.

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