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Tuesday, May 30, 2023

Binance Allegedly Stops Service For Crypto Derivatives In Spain

Binance remains among the top crypto exchanges in persistence with regards to gaining approval as per existing regulation. As such, very few exchanges can rival Binance when it comes to the number of operational licenses it has accrued from global regulators. However, this dedication to being 100% licensed has also meant a stop to its services regarding crypto derivatives in Spain.

A Temporary ‘No’ From Binance

Presently, Binance is awaiting approval from CNMV, the regulator of cryptocurrency in Spain. The removal is evident on the official website of the exchange for Spain. There the drop-down menu for derivatives is no longer available, while no such changes have been made in the global edition.

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As per the reports by La Informacion, the local publication for news, this move by Binance is a method to ensure that the exchange is in compliance with CNMV’s requirements. CNMV is also known as the National Securities Market Commission.

The hidden menu confirms the intention of the top crypto exchange to only offer services that have gained regulatory approval. However, further investigation by famous crypto news websites has shown that the URLs that are associated with Spanish derivative offerings are still active. This includes derivative portals, battles, and futures.

In June of last year, Changpeng Zhao, the CEO of Binance had talked about expediting the growth of the exchange by working hand-in-hand with every regulator. Nevertheless, for now, the exchange shares the same classification as all the exchanges in Spain, such as Bit2Me and Coinbase. It is consigned to the “gray list” of the CNMV. This means that they cannot operate as completely licensed entities at least in Spain.

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However, regardless of the Spanish regulatory delays, neighboring France’s financial authority (the AMF) has approved and registered Binance as a service provider for digital assets.

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