interruption of crypto derivatives trading in Spain

A news outlet claimed that the crypto exchange Binance was forced to end all crypto derivatives transactions in Spain by order of the national market regulator.

Source: AdobeStock / JorgeEduardo

According to La Información, the National Securities Market Commission (CNMV), which has been granted certain powers over the crypto sector and which governs the stock market, recently forced Binance to “discontinue the sale of crypto derivatives in Spain.” The article cites “anonymous business sources” who claim that Spanish Binance “officials” have “held several meetings with the [CMNV] since the beginning of the year.”

The derivatives access menu has been removed from the corresponding selection on the home page of Binance’s Spanish site. In the English language version, the derivatives menu is between the “trade” and “earn” menus.

The same outlet previously reported that Binance entered into discussions with the regulator in early March this year and that Binance had submitted “credentials” to the regulator, again citing “sources” familiar with the matter. In January, the company made an offer to be included in the official register of the Central Bank of Spain (BoE).

The article said the crypto heavyweight was “clear about its expansion strategy in Spain,” but was “awaiting BoE approval” before starting to expand its operations in the country.

This is not the first time that the CNMV and Binance have crossed swords. In November last year, following an apparent promotional deal between Binance and the Spanish soccer legend Andres Iniestathe latter posted photos of himself using the crypto platform on Twitter.

The CNMV publicly admonished it on the social media platform, writing that crypto-assets, “as unregulated products,” carry certain “risks.” The regulator ordered the World Cup star to “educate himself thoroughly before investing in ‘cryptocurrencies’ or recommending others to do so.”

Last year, the regulator placed Binance on a regulatory “grey list” of companies – primarily associated with cryptocurrencies – that it considers to be conducting “unregulated” and “unsupervised” activities. Binance, along with a few other well-known crypto trading companies, was able to “drop” the list. But his fight for formal recognition in Spain – it seems – is far from over.

Cryptonews.com contacted Binance for comment.

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