Binance has been added to the Bank of Spain's cryptocurrency registry

The Bank of Spain has registered the local unit of Binance, the world's largest crypto exchange, as a virtual currency platform with anti-money laundering and terrorism financing procedures in place.

The bank stated that registered providers must follow money laundering and terrorism financing rules, but added that it does not supervise the platforms' financial and operational risks, and that inclusion in the registry does not imply the central bank's approval of its activities.

Binance, which has approximately 120 million users worldwide, announced on Friday that its registry in Spain will allow it to offer crypto asset exchange and custody in the country in accordance with local regulations.

The registration indicates that Binance is gaining traction in Europe, as France and Italy have recently added it to their national registries as the European Union prepares new regulations for the sector.

To issue and sell digital tokens in the European Union, cryptocurrency companies will need a licence and customer safeguards under new rules agreed last week by the bloc to tame a volatile market.
There is currently no cross-border approval of crypto services across the EU, but that will change with new rules expected later in 2023. Crypto assets are largely unregulated globally, with national operators in the European Union only required to demonstrate controls to combat money laundering.