Binance’s prestigious electronic exchange has received regulatory approval from numerous regulatory bodies around the world and has always maintained its efforts to operate as a licensed financial institution. Recently, Binance has moved to suspend the provision of cryptocurrency derivative services in Spain. The reason given is that the Spanish regulator, comisión Nacional del Mercado de Valores (CNMV) is still in the process of reviewing licensing approvals. Binance’s official Spanish-language website, the cryptocurrency exchange, has removed the drop-down derivative menu, a feature that is inherently available on the global version. The move to temporarily hide the supply of derivative securities in Spain is a way to comply with the requirements set by the National Securities Market Commission (CNMV).
The screenshot above shows the missing ‘Derivatives’ option from the Spanish version. Although the screenshot confirms Binance’s intention to provide the service only with regulatory approval, the URL relating to derivative services in Spain – including futures portals, battles and derivative gateways – remains in operation.
However, according to the report Binance will only reintroduce the derivative option after receiving guarantee certificate approval from the Central Bank of Spain (BdE).
Ambitions are accepted globally
In June 2021, Binance CEO Changpeng Zhao revealed plans to accelerate the development of the cryptocurrency exchange by working with regulators:
“We want to be licensed everywhere. From now on, we will become a financial institution. ”
Binance, along with other cryptocurrency exchanges such as Coinbase and Bit2Me, are listed on CNMV’s ‘gray list’, which is understood to prohibit organizations from operating as fully licensed entities in the region. Despite the minor obstacles faced due to regulatory delays in Spain, the financial authority from France’s neighbor – Autorité des marés financiers (AMF) – has approved Binance as a registered digital asset services provider. Besides, the move to France signals Binance’s latest expansion to its global operations, after being approved in principle to operate in Abu Dhabi in April. From regulatory approval in France, Binance has shared plans to significantly scale up its operations in the region while pursuing “further infrastructure development.”