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Bitpanda cryptocurrency exchange scores registration in Spain

June 21, 2022 Coin Telegraph

Bitpanda

Previously, the Austrian company has obtained licenses in France, Italy, Sweden and Czech Republic.

Bitpanda, an Austrian cryptocurrency exchange that was valued at $4.1 billion last summer, have received registration as a virtual currency exchange and digital asset custody service provider in Spain.

The company’s name appeared in the Bank of Spain’s registry for crypto enterprises on June 16. The registry itself opened in October 2021. At the moment, it includes 15 companies. Speaking to Cointelegraph, Bitpanda's representative specified that the company has been de-facto operating in the country since 2014.

Spain marks the sixth European country in which the Vienna-based company has obtained a license. In December 2020 it registered with the Financial Markets Authority of France, while in May and June 2022 it became the first foreign crypto provider with registration in Sweden and one of the first to get the Italian Virtual Asset Services Provider (VASP) license.

In the company’s announcement, Bitpanda co-founder and co-CEO Eric Demuth pledged its commitment to providing a safe environment for trading amid the market crisis:

“As recent market developments have shown, where you buy your digital assets matters and we are going to always be prioritizing the safety of our community, as we are working relentlessly to build the best and the safest investment platform in Europe and beyond.”

In February 2022, Bitpanda acquired U.K.-based Trustology, a crypto custodian and wallet service provider, intending to rebrand it to Bitpanda Custody and start providing native crypto custody services focused on institutional investors. The exchange platform claimed its maiden acquisition is the first step toward the launch of Bitpanda Pro, its prime brokerage services platform and an over-the-counter trading desk.

As the company representative told Cointelegraph:

"We have applied for registration in every market we have a presence, and have already secured registration and licences as a virtual asset service provider in Italy, Austria, Sweden, France, the Czech Republic and now Spain. We do of course want to expand our presence in further European markets, but will only do so when we can ensure we are fully compliant with local regulatory requirements."

Under the upcoming Markets in Crypto Assetsbill, European Union authorities would grant crypto companies an opportunity to operate on the pan-European level, should they get registered in one of the Union's countries.

Binance reportedly halts crypto derivatives service in Spain

May 7, 2022 Coin Telegraph

Binance

Binance is expected to reintroduce the derivatives option only after receiving regulatory approval in the form of a guarantee certificate from the Bank of Spain.

Binance stands as one of the most persistent crypto exchanges when it comes to gaining regulatory approval and operational licenses from regulators across the world. In this effort to operate as a fully licensed financial institution, the exchange has stopped offering it's crypto derivatives services in Spain as it reportedly awaits approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV).

As evidenced by Binance’s official Spanish website, the crypto exchange removed the derivatives drop-down menu, which is still available on the global version. According to local news publication La Información, the move to hide derivatives offering in Spain comes as a way to comply with the requirements set by CNMV, a.k.a. the National Securities Market Commission.

Navigation menu on Binance Spanish (top) and global (bottom) versions. Source: Binance

The screenshot above shows the missing ‘Derivatives’ option from the Spanish version, which is evidently available in the global version. While the screenshot confirms Binance’s intent to offer services only upon regulatory approval, further investigation from Cointelegraph confirmed that the URLs related to derivative offerings in Spain — including futures, battle and derivative portal — remain active.

Active derivatives portal on Binance Spain version. Source: Binance

However, the local report suggested that Binance will reintroduce the derivatives option only after receiving the regulatory green light in the form of a guarantee certificate from the Bank of Spain (BdE).

In June 2021, Binance CEO Changpeng Zhao revealed plans to expedite the crypto exchange’s growth by working with the regulators, stating:

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

Binance, along with other crypto exchanges like Coinbase and Bit2Me, is listed in CNMV’s ‘gray list,’ which prohibits organizations from operating as fully licensed entities in the region.

Despite the minor setback faced due to regulatory delays in Spain, financial authority from the neighboring country of France — Autorité des marchés financiers (AMF) — approved Binance as a registered 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

As Cointelegraph reported, the move into France signaled Binance’s latest expansion of its global operations, having obtained in-principle approval to operate in Abu Dhabi in April. Citing the regulatory approval in France, Binance shared plans to significantly scale its operations in the region while pursuing “further infrastructure development.”