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Binance Stops Offering Cryptocurrency Derivatives Services In Spain

Binance is considered one of the prestigious crypto exchanges in terms of acquiring operational licenses and regulatory approvals from agencies throughout the globe. To become a completely certified financial organization, the prominent exchange has put a stop to its services related to crypto derivatives in Spain because it has been reported that the institution is waiting for a green signal from the regulatory authority of Spain, CNMV (Comisión Nacional del Mercado de Valores).

As it can be seen on the formal Spanish website of Binance, the exchange has excluded the drop-down menu of derivatives, which is even now present on the exchange’s global version. As per the native new publication named La Información, the decision to discard derivatives offered throughout Spain is taken to enhance compliance with the demands mentioned on the behalf of CNMV (also known as the National Securities Market Commission).

Though it is evident that the respective measure of removing the ‘Derivatives’ tab from the Spanish website of the platform has been taken to fulfill the intention to get regulatory approval, the URLs linked to derivative offerings within the country are still available taking into account derivative portals and futures. Nonetheless, the report indicates that the exchange will re-launch the option of derivatives following getting regulatory authorization from the BdE (Bank of Spain).

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In June previous year, Changpeng Zhao – the CEO of Binance – disclosed a strategy to enhance the progress of the crypto exchange by operating in close cooperation with the watchdogs, mentioning that they intend to have a certification everywhere. He added that they would turn the institution into a financial organization. Binance as well as the rest of the crypto exchanges such as Bit2Me and Coinbase have been listed in the gray list of CNMV, which restricts the venues from working as completely certified bodies across the area.

Notwithstanding the slight obstruction caused by the regulatory procrastination in Spain, France’s financial authority, AMF (Autorité des marches financiers), approved the well-known crypto exchange as a provider of services related to digital assets. It has been reported earlier that the entry into France counts to be Binance’s exclusive move to increase its worldwide activities after it acquired in-principle authorization to carry out its operations in Abu Dhabi this April. Referring to the authorization from France, the exchange has plans to scale the activities while seeking additional development.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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