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

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed