Binance forced to block crypto trading in Spain Source: AdobeStock / JorgeEduardo

A media outlet said cryptocurrency exchange Binance was forced to stop trading crypto derivatives in Spain at the behest of the country's market regulator. Binance blocks crypto trading in Spain at the request of the regulator According to what was reported by La Información, the National Securities Market Commission (CNMV), which has been granted some powers over the crypto sector and which controls the stock market, recently "forced" Binance to "completely abandon the sale of derivatives crypto in Spain ". The report cited unnamed "commercial industry sources", stating that Binance's Spanish "managers" have "held several meetings with [CMNV] since the beginning of the year." The derivatives list has been removed from the relevant selection on the homepage of the Spanish Binance website. In the English version, the derivatives menu is located between the trade and earn menus. The same media previously reported that Binance had talks with the regulator in early March this year and that it delivered "letters of credentials" to the regulator, again citing "sources" close to the matter. In January, the company made an offer to be included in the official register of the Central Bank of Spain (BdE). The report said the "crypto giant" was "clear about its expansion strategy in Spain", but was "awaiting the approval of the BoE" before starting to expand its operations in the country. This isn't the first time CNMV and Binance have crossed swords. In November last year, following an apparent promotional deal between Binance and Spanish football legend Andrés Iniesta, the latter posted photos of himself on Twitter using the crypto trading platform. The CNMV publicly warned him on the social media platform, writing that crypto assets, "as unregulated products", carried some "risks". The regulator ordered the World Cup-winning star to "inquire thoroughly before investing in'' crypto "or recommending others to do so." Last year, the regulator put Binance on a "gray list" of companies - mostly crypto-related companies that it believes are doing "unregulated" and "unsupervised" activities. Binance, along with a couple of other large cryptocurrency trading firms, was able to "leave" the list. But his fight for formal recognition in Spain still appears to be ongoing. has reached out to Binance for comment. Bitcoin (BTC) News • 2 May 2022