Binance Stops Working In Spain, Is This A Risk For Investments?

Written by Crypto University

May 9, 2022

Everyone knows how crucial Binance is for cryptocurrency investments, but this Exchange does not always function well, as is the case in Spain today.

The exchange has stopped offering bitcoin derivative services in Spain as part of its effort to become a fully registered financial institution.

The cryptocurrency exchange has removed the derivatives menu from its official Spanish-language website, although it is still present on the global version.

Unfortunately this event was capable to spread fear among investors, and they’re start to asking: 

After getting authorisation from the Bank of Spain, Binance is likely to resume offering futures trading in the European country; but when this is not happening spanish investors needs to find an alternative to Binance.

Binance, along with other cryptocurrency exchanges such as Coinbase and Bit2Me in Spain, is on the CNMV’s ‘grey list,’ which comprises businesses that are prohibited from operating as fully licensed firms in the country.

Despite the modest setback in Spain, Binance has been authorized as a registered digital asset service provider by France’s financial body, the Autorité des marchés financiers (AMF).

Kucoin, is the great alternative to Binance?

KuCoin is a cryptocurrency exchange situated in the Seychelles (previously Hong Kong). 

KuCoin claims to have over eight million users from over 200 countries and regions since its launch in September 2017.

 KuCoin, also known as the “people’s exchange,” now provides a variety of cryptocurrency-related services, including cryptocurrency to cryptocurrency conversion, fiat to cryptocurrency conversion, futures trading, staking, and loans, among others.


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