MADRID (Reuters) - The Bank of Spain has registered the local unit of the world's largest crypto exchange Binance as a virtual currency platform with procedures in place against money laundering and financing of terrorism.
The bank said that registered providers have to comply with rules concerning money laundering and terrorism financing but added that it does not supervise the platforms' financial and operating risks, and that being included in the registry does not imply an approval of its activities by the central bank.
Binance, which has about 120 million users worldwide, tweeted on Friday that its registry in Spain will allow it to offer crypto asset exchange and custody in the country in compliance with the central bank's rules.
The registration signals that Binance is gaining momentum in Europe after France and Italy also included it in its national registries in recent months as the European Union prepares new regulation on the sector.
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