Binance, one of the world's largest cryptocurrency exchanges by transaction volume, has opted to suspend its crypto derivatives in Spain while seeking federal approval first from Comisión Nacional del Mercado de Valores (CNMV), a governmental organization station in charge of the country's securities markets.
The derivatives drop-down on Binance's Spanish website has been removed, and local newspapers indicate that the company has temporarily ceased commodities offerings to comply with state and federal rules and eligibility criteria. Binance is expected to reintroduce derivatives only after gaining regulatory approval from the Bank of Spain in the form of an assurance certificate.
About Binance Crypto Services
When it comes to obtaining regulatory permission and operational licenses from regulators worldwide, Binance crypto services is one of the tenacious crypto exchanges. To function as a fully licensed financial institution, the exchange has halted offering crypto derivatives services in Spain while waiting for authorization action from the Spanish regulator.
The crypto exchange disabled the derivatives and eventually dropped the menu from its official Spanish website, although it is still present on the global version. According to local news outlet La Información, the decision to hide derivatives offerings in Binance Spain was made to comply with CNMV's (National Securities Market Commission) criteria.
The "Derivatives" option is never present in the Spanish version, despite being present in the international version. While this confirms Binance's intention to offer services only after regulatory permission, Cointelegraph's analysis found that the URLs for derivative offers in Spain, such as futures, battle, and derivative portal, are still operational. According to a local report, Binance would reinstate the derivatives option only after gaining regulatory approval from the Bank of Spain in the format of an assurance certification (Bde). Binance CEO Changpeng Zhao stated in June 2021 that now the crypto exchange's growth would be accelerated by engaging with regulators: "We want to have licenses in every state." We're going to be a finance company from now on."
It's also worth mentioning that Binance has yet to receive a formal certificate from the Bank of Spain required for any exchange operating in the country. Binance registered to do the same in January and has yet to be recognized as a crypto services dealer in the country, putting it on the CNMV's 'grey list,' which contains companies that have not yet received approval from the financial authority but are not categorized as criminal organizations.