Binance Has Halted Its Crypto Derivative Service In Spain

Binance
Binance

Binance has always been one of the most persistent exchanges in the crypto industry when it comes to accessing regulatory approval throughout the world. In their gargantuan effort to operate as a fully licensed institution, the exchange has decided to stop offering its services of crypto derivatives in Spain as it now awaits approval from the Spanish regulators, Comisión Nacional del Mercado de Valores.

As has been evidenced from the official website of BNB in Spain, the crypto exchange went on to remove the drop-down menu from the derivatives- which is still available on the global version. 

Binance Has Stopped Its Crypto Derivative Services In Spain

According to a local newspaper, this move to hide derivatives offering in Spain would definitely be a way to comply with the multiple requirements that have been set in place by the CNMV- which is also the National Securities Market Commission. Currently, Binance has removed the Derivatives option from the Spanish version- which is still available in the global version. Now, while it can be understood that the intent of BNB is to offer services only upon regulatory approval, several URLs that offer derivative offerings still remain active. 

Interestingly, the local report has suggested that Binance will be reintroducing the derivatives option only after they receive the regulatory green light in the form of a certificate issued by the Bank of Spain. In June of 2021, Changpeng Zhao, the CEO of BNB, revealed plans of expediting the crypto exchange’s growth by working with the crypto regulators. 

Although Binance did face quite a minor setback due to regulatory delays in Spain, the financial authority in France did approve the crypto exchange as a registered digital asset service provider.

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