Just-In: Crypto.Com Expands In Europe While Binance Faces Hurdles
Crypto News: Crypto.Com, a leading crypto exchange on Friday announced receiving registration clarity in Spain. As per the release, the Bank of Spain granted the crypto exchange with Virtual Asset Service Provider (VASP) license. However, this development comes in when the biggest crypto exchange by trading volume, Binance is facing compliance hurdles in Europe.
Also Read: Ripple Highlights CBDC Adoption; XRP Price Drops 3%
Crypto.Com Makes Major Move In Europe
In order to gain a VASP permit in Spain, Crypto.com went under review for compliance with Anti-Money laundering rules, AMLD, and other finance linked directives. The crypto exchange will now be able to provide its suite of products and services to Spain’s digital asset users.
Kris Marszalek, CEO of Crypto.com stated that receiving the Virtual Asset Service Provider permit in Spain shows their commitment towards compliance in working with global regulators.
Meanwhile, Crypto.com received a backlash over allegedly deploying internal teams to trade tokens for profit making. This has led to major concerns in the crypto industry. The report mentioned that the crypto exchange’s executives asked their team to say that there is no such internal market marker type operation running. Read More Crypto News Here…
Binance Losing Ground In Europe?
Binance is facing registration complications in Europe. The biggest crypto exchange announced its exit from the Netherlands after failing to gain a VASP license from the Dutch regulator. It recently decided to deregister from Cyprus as a crypto asset service provider.
Binance holds anti-money laundering compliance in Spain, France, Italy, Spain, Sweden, Lithuania and Poland. However, the biggest crypto exchange and its US affiliate are facing legal troubles from the Securities and Exchange Commission (SEC) over its operations.
Coingape reported that Binance might be facing internal FUD as its key executives are allegedly taking an exit from European operations amid expansion plans.
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