Spanish Regulator Shuts Binance Crypto Derivatives Service

Spanish securities regulator Comisión Nacional del Mercado de Valores [CNMV] has reportedly prohibited Binance to extend its derivatives services in Spain before obtaining licensing approval, the Crypto Times reported on 7th May.

Following the directive, the digital asset exchange removed its derivatives drop-down option on its Spanish website and temporarily suspended derivatives offerings to comply with regulations and eligibility criteria set by the government agency, confirmed by the local news sources.

The local report also suggested that the trading platform will restore the derivatives option only after receiving the regulatory green light in the form of a guarantee certificate from the Bank of Spain (BdE). 

At present, Binance is on a gray list of CNMV, along with other crypto exchanges such as Coinbase and Bit2Me. Under the gray list, organizations are not permitted to operate as fully licensed entities.

Since January, the leading exchange has been in talks with the Bank of Spain and the securities regulator to gain licenses, but there has not been any breakthrough so far. At the time, Alberto Ortiz, country manager of Binance in Spain, declared

By joining the Bank of Spain registry we hope to encourage other firms to do the same.

That said, Binance has been very resolute in its approach to gaining regulatory approval and operational licenses from regulators across the world. Especially to operate as a fully licensed financial institution

French Regulator says ‘Qui’

Last week, Binance was granted a digital asset service provider license from the financial markets regulator in France.

The Autorité des marchés financiers (AMF), France’s agency responsible for regulating the financial market, has issued permits to provide crypto-related services in the nation.

The registration was a step toward allowing the crypto exchange to provide crypto-related services in France, including custody assets, exchanging digital assets for other tokens or legal tender, and operating a digital asset platform.

The move into France signaled Binance’s latest expansion of its global operations, having previously obtained in-principle approval to operate in Abu Dhabi in April. Prior to that, in March, regulators in the Middle East also gave the green light for the exchange to set shop in Bahrain and Dubai.