The Bank of Spain includes Binance in its crypto register

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The Bank of Spain has registered the local unit of the largest cryptocurrency exchange in the world, Binance, as a virtual currency platform, with procedures in place against money laundering and terrorist financing, informs Reuters.

The bank said registered providers must comply with the rules on money laundering and terrorist financing, but added that it does not monitor the financial and operational risks of the platforms and that inclusion in the register does not imply approval by its central bank.

Binance, which has about 120 million users worldwide, posted on Twitter on Friday that its Spanish registry will allow it to offer the exchange and custody of cryptocurrencies in the country, according to central bank rules.

Binance is gaining momentum in Europe after France and Italy included it in its national registers in recent months, while the European Union is preparing new regulations in this sector.

Cryptocurrency companies will need a license and guarantees for customers to issue and sell digital tokens in the European Union, in accordance with the new rules agreed last week by the blockchain to tame a volatile market.

Under current rules, there is no cross-border approval of crypto services across the EU, but that will change with the new rules that will follow later in 2023.

Globally, cryptocurrencies are largely unregulated, with national operators in the European Union only having to present controls to combat money laundering.

A French MEP called on the French market regulator earlier this week to review its May decision to register Binance, citing a recent Reuters investigation into money laundering on the platform.