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Behemoth cryptocurrency exchange Binance has secured the highly-coveted certification of the Bank of Spain to operate as a fully licensed Virtual Asset Service Provider (VASP) in the European nation. Essentially, Spanish authorities, through the Spanish subsidiary Moon Tech Spain, S.L., deem Binance compliant with all the AML/KYC requirements set by the Bank of Spain.
The latest development marks a notable milestone for the crypto exchange in Spain after filing for this certification in January. The VASP certification allows Binance to offer reading and custody services in the country. Commenting on the topic, Binance CEO Changpeng Zhao noted:
“Effective regulation is essential for the widespread adoption of cryptocurrencies. Moon Tech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places user protection above all else.”
Meanwhile, the director of Binance Spain, Quim Giralt, noted in a statement that the cryptocurrency company plans to grow its operations and reach across Spain following the certification. Giralt further explained in the statement that:
“Following this registration, we will significantly expand our team and operations in Spain to make our services more accessible to everyone. Over the coming years, we will be hiring local talent to serve the Spanish-speaking market and helping to grow the local crypto ecosystem.”
Key Binance Coin Levels to Watch — July 11
Binance Coin (BNB) resumed its retreat from the $243 area on Monday, bottoming at the $230 support. The fifth-largest cryptocurrency has hovered above this line for most of today, indicating a potential rebound in the coming days.
From a broader view, BNB trades within a large bearish flag as illustrated on my 4-hour chart, supporting the possibility of a near-term rebound towards $250 in the coming days. Eventually, we could see a dip to the $215 after BNB runs out of momentum within the channel.
Meanwhile, my resistance levels are $230, $260, and $280, and my support levels are $200, $180, and $160.
Total Market Capitalization: $909.4 billion
Binance Coin Market Capitalization: $37.7 billion
Binance Coin Dominance: 4.14%
Market Rank: #5
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