Binance No Longer Offers Crypto Derivatives Service in Spain

Binance wants to play by the rules of the authorities wherever it operates. Exchange shuts down crypto derivatives in Spain pending green light.

Binance is one of the most popular and successful crypto exchanges when it comes to legal clearances and operating licenses from authorities around the world. In an effort to remain a fully licensed financial institution, the exchange has stopped offering its crypto derivatives services in Spain pending clearance from the National Securities Trading Commission (CNMV).

Binance wants to play by the rules of the authorities wherever they are present

As seen on the Binance Spain website, the exchange has removed a dedicated derivatives option from the menu, which remains available in the global version. According to the website La Información, this decision to withdraw the derivatives offering in Spain is a way to comply with the CNMV requirements.

In the image above, we see the missing “Derivatives”option in the Spanish version, which is present in the global version. And while this screenshot confirms Binance’s intent to offer services only with full legal permissions, Cointelegraph’s investigation has confirmed that URLs associated with derivatives offerings in Spain – a futures, battles and derivatives portal – remain active.

Exchange shuts down crypto derivatives in Spain pending green light

That being said, there are rumors that Binance will again introduce a derivatives option as soon as it receives the green light from the authorities, namely the Bank of Spain Guarantee Certificate (BoE). In June 2021, Binance CEO Changpeng Zhao announced his intention to grow with regulators: “We want licenses everywhere. From now on, we will be a financial institution.” Binance, along with other crypto exchanges such as Coinbase and Bit2Me, is currently on the CNMV “grey list”, which prevents companies from fully operating in the country.

Despite a small setback due to regulatory delays in Spain, the Financial Markets Authority (AMF) has approved Binance as a Digital Asset Service Provider (PSAN). The initiative in France is the latest expansion of the platform’s global operations since reaching an in-principle agreement to operate in Abu Dhabi in April, Cointelegraph reports. With this authorization in France, Binance intends to expand its operations in the country while “continuing to develop its infrastructure.”