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Binance Suspends Its Crypto Derivatives Business In Spain Pending Approval

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Binance has suspended its crypto derivatives service in Spain as the world’s largest crypto exchange awaits full approval for such service.

The firm has had several regulatory issues with different bodies, and it appears it doesn’t want to be in the bad books of Spanish regulators. Binance noted that the derivatives option service will be reintroduced when it receives approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV).

The Service Is Still Available On The Global Version

In line with the decision, the crypto exchange has already removed the derivatives drop-down menu on its website for the version in Spain. However, the service is still available on the global version.

Local news publication La Información stated that Binance’s decision to suspend the derivatives offering in Spain is a way of complying with the requirements set by the National Securities Market Commission in the country. According to the report, the crypto exchange will reintroduce the derivatives service when it receives a form of guarantee certificate from the Bank of Spain (bdE).

Binance Chief Executive Officer Changpeng Zhao (CZ) stated last year that the company intends to make things right with regulators across different regions. He noted that the company is more serious about working with regulators to ensure its growth across different regions.

“We want to be licensed everywhere. From now on, we’re going to be a financial institution,” he stated.

Binance Was Recently Granted Approval In France And Abu Dhabi

Binance as well as other crypto exchanges like Bit2Me and Coinbase is listed in the Spanish regulator’s gray list. It means that the firms do not have the authority to operate as fully licensed entities in the region.

Although Binance is still waiting on the Spanish regulator for approval, it doesn’t have such problems in neighboring country France. Binance has been approved by France’s AMF as a licensed digital asset provider in the country. The crypto exchange also recently received approval in principle to operate in Abu Dhabi.

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