Binance restricted from selling crypto derivatives in Spain
Crypto derivates have been deemed unsafe for investors by several regulatory authorities, and as per a report from La Informacion, the National Securities Market Commission (CNMV), a government agency responsible for the financial regulation of the securities markets in Spain, has asked Binance, the world's biggest crypto exchange to cease selling crypto derivatives in Spain.
Binance to stop selling derivatives
As per the report, Binance has been asked to completely abandon the sale of crypto derivatives in Spain because the authorities believe that such offerings 'trigger the complexity of operations for investors and increase the possibility of suffering losses greater than the initial investment,' said the CNMV and the Bank of Spain in a joint statement.As per the report, the world's biggest cryptocurrency has held several meetings with the officials from CNMV in the past few months, and after the warning from the financial regulator, the crypto exchange has decided to drop the derivatives offer from its website.
Another report from Cryptonary noted the governor of the Bank of Spain issued a public warning that mixing traditional banks with crypto assets could put the economic system at risk. It seems that the nation is taking care of all the details and getting ready for crypto regulation.
The grey list
It is also important to note that Binance hasn't been granted an official certificate from the Bank of Spain (BdE), which is necessary for every exchange to have in the nation. The company applied for the same last January but hasn't been approved as a crypto broker in the nation for now, which means that Binance lies on the 'grey list' of CNMVe, which includes those firms that do not yet have the endorsement of the financial regulator, but that cannot be classified under illicit businesses either."With our adherence to the Bank of Spain registry, we hope to encourage other firms to do the same," said Alberto Ortiz, head of Binance Spain, in conversations with La Información.The CNMV could force Binance to also suspend operations with derivatives of crypto assets that its clients may still have in progress, and as a result, the CNMV will issue directives to investors on tackling this situation.
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