One of the leading crypto exchange platforms Binance has disabled its derivative services in Spain as it is seeking regulatory approval from Comisión Nacional del Mercado de Valores (CNMV).
The official website of Binance in Spain removed the derivatives drop-down. The local newspaper affirmed that Binance has temporarily suspended derivative offerings to comply with regulation and eligibility criteria set by National Securities Market Commission.
However, some local reports also indicated that Binance will restore the derivative option just after getting approval from the Bank of Spain as a guarantee certificate.
Currently, Binance is on the gray list of CNMV along with other crypto exchanges like Coinbase, and Bit2Me. The gray list is identified as prohibited organizations from operating as fully licensed entities in the region.
While Binance is struggling for regulatory approval in Spain, another European country, France accepted Binance as a registered digital asset service provider.
The crypto exchange wants to stay in line with regulations in every corner of the world. Last year, Binance CEO Changpeng Zhao stated: “We want to be licensed everywhere. From now on, we’re going to be a financial institution.”