Binance Halts Crypto Derivatives Services In Spain: Report

Binance halts crypto derivatives services in Spain and is expected to reintroduce them after getting the regulatory approval in the form of a guarantee certificate from the Bank of Spain so let’s read more about it in today’s latest Binance news.

Binance stands as one of the biggest crypto exchanges and is most persistent when it comes to gaining regulatory approval and licenses from regulators across the world. In the effort to operate as a fully licensed financial institution, the exchange stopped offering crypto derivatives services in Spain and now waiting for approval from the Spanish regulator, Comision Nacional del Mercado de Valores. The crypto exchange Binance halts crypto derivatives services and removed them from the drop-down menu which is available ont the global version. As per the local news publication La Informacion, the move to hide the derivatives offering in Spain came as a way to comply with the requirements set by CNMV.

.@Binance just got approved for the France 🇫🇷 VASP (Virtual Assets Service Provider) registration.https://t.co/DwqZrxq3bS pic.twitter.com/Eebkc7OhRV

— CZ 🔶 Binance (@cz_binance) May 4, 2022

The screenshot shows the missing “Derivatives” option from the Spanish version which is available in the global version still but it confirms that the exchange’s intent to offer services only after getting regulatory approval, but the URL related to the derivative offerings in Spain including battle and derivative portal remain active. The report also suggests that Binance will reintroduce the derivatives options after receiving the regulatory green light in the form of a guarantee certificate from the Bank of Spain.

In June 2021, Binance CEO Changpeng Zhao revealed plans to expedite the exchange’s growth by working with the regulators and stated:

“We want to be licensed everywhere. From now on, we’re going to be a financial institution.”

Binance as well as other exchanges like Bit2Me and Coinbase is listed in CNMB’s gray list that stops organizations from operating as fully licensed entities in the region. Despite the setback, however, the financial authority from France approved binance as a registered digital asset service provider. The move from France shows that Binance’s latest expansion of the glboal operations is moving fast. It also got a license to operate in Abu Dhabi with plans to scale the operations in the region.