Binance reportedly halts crypto derivatives service in Spain

Binance reportedly halts crypto derivatives service in Spain

Binance is one of the longest-standing crypto exchanges in terms of obtaining regulatory approvals and operating licenses from regulators around the globe. The exchange stopped offering its crypto derivatives services in Spain while it waited for approval from the Spanish regulator, Comision Nacional del Mercado de Valores.

Binance’s Spanish-language website shows that the crypto exchange has removed the derivatives dropdown menu. It is still available on its global counterpart. According to La Informacion, hiding derivatives offerings in Spain is a way to comply to the requirements of CNMV (a.k.a. The National Securities Market Commission.

Navigation menu in Binance Spanish (top), and Global (bottom) versions Source: Binance

The screenshot below shows the missing “Derivatives” option in the Spanish version. It is clearly available in the global version. The screenshot confirms Binance’s intention to offer services only after regulatory approval. However, Cointelegraph further investigated and found that URLs related to Spanish derivative offerings — including battle and futures — are still active.

Active derivatives portal on Binance Spain version. Source: Binance

The local report said that Binance would reintroduce derivatives options only after it has received the regulatory approval in the form of a Bank of Spain (BdE) guarantee certificate.

Changpeng Zhao, Binance CEO, stated that he plans to accelerate the growth of the crypto exchange by working with regulators in June 2021.

“We want to have licenses everywhere. We will be a financial institution from now on.

Binance is included in CNMV’s ‘graylist,’ which prevents organizations from operating in the region as fully licensed entities.

Related: France’s financial authorities approve Binance’s registration of Binance as a digital asset service provider

Despite minor delays in Spain’s regulatory process, the financial authority of France — Autorite des marches financières (AMF), approved Binance’s registration as a digital asset service provider.

. @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

Cointelegraph reported that Binance’s move to France was Binance’s latest expansion of global operations. In-principle approval for Abu Dhabi was granted in April. Binance shared its plans to expand its operations in the region and pursue “further infrastructure developments” citing French regulatory approval.

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