Introduction
CEX.IO, a prominent cryptocurrency exchange, has revealed its latest strategic move by establishing a new operational hub in Spain, marking a significant step into the European market. This development comes after the exchange secured a registration as a Virtual Asset Service Provider (VASP) from the Bank of Spain in July 2024. Prior to this, CEX.IO had been serving its Spanish clientele through its Lithuanian branch. With this new establishment, CEX.IO now operates two entities within Europe, allowing them to provide a more tailored experience in Spain and facilitate further growth in the region.
Services Offered
The platform offers a comprehensive range of services, including cryptocurrency buying and selling, staking, spot trading, and savings options. CEX.IO supports various payment methods, including card transactions and SEPA (Single Euro Payments Area) for both deposits and withdrawals.
Local Market Impact
Eduardo Marin, the Managing Director of CEX.IO in Spain, commented on the significance of obtaining a local license, stating that it will empower the company to more effectively customize its offerings for the Spanish market and enhance its operations there. He expressed optimism regarding the continued expansion, highlighting Spain as a burgeoning leader in cryptocurrency adoption, characterized by a rapidly increasing number of users.
Remarkably, in the first quarter of 2025, data from the exchange indicated a staggering 94% increase in wallet transaction volume among Spanish users compared to the previous quarter, alongside a remarkable spike of over 340% in spot trading volume. Furthermore, Statista projects that revenue within Spain’s cryptocurrency market is set to hit $1.3 billion this year.
Future Prospects
CEX.IO’s ambitions don’t end with this new license. As part of its broader growth strategy, the company is actively pursuing additional licenses, including a MiCA license, which would further bolster its presence within the European Union. Presently, CEX.IO holds an impressive portfolio of 40 licenses and registrations globally, encompassing 35 Money Transmitter Licenses (MTLs) in the United States, along with its licenses in Spain and Lithuania, as well as a registration with FINCEN.
Recent Partnerships
In September 2024, CEX.IO also partnered with MoneyGram and the Stellar blockchain, enhancing its cash-in and cash-out services for users. This integration allows seamless conversion between USDC and cash, initially focusing on customers across the European Economic Area (EEA), Africa, and Latin America.
