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Binance receives regulatory approval in Italy
Regulation is 'essential' for mainstream crypto adoption, says Binance CEO The exchange registered as a digital asset service provider in France earlier this month The world's largest crypto exchange has received regulatory approval in Italy as it continues its expansion into new regions. Binance Italy has registered as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM) – a requirement of the country’s legislation. The approval allows the company to offer crypto products to customers in Italy, open offices and expand its team in the country. “Clear and effective regulation is essential for the general introduction…
Binance receives regulatory approval in Italy
- Regulierung ist „wesentlich“ für die Einführung von Mainstream-Krypto, sagt der CEO von Binance
- Die Börse hat sich Anfang dieses Monats als Dienstleister für digitale Vermögenswerte in Frankreich registriert
The world's largest crypto exchange has received regulatory approval in Italy as it continues its expansion into new regions.
Binance Italy has registered as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM) – a requirement of the country’s legislation. The approval allows the company to offer crypto products to customers in Italy, open offices and expand its team in the country.
“Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao said in a statement. “Binance has always put its users first and with measures like implementing the registry, they can have confidence that our platform is among the safest and most trustworthy in the world.”
A Binance spokesperson did not immediately respond to a request for comment on specific products it might offer in Italy or other regions where it is seeking regulatory approval.
The news follows Binance's registration as a digital asset service provider in France by the Autorité des Marchés Financiers (AMF) earlier this month.
Binance France CEO David Princay called the registration “an important milestone for crypto in Europe,” noting that the new anti-money laundering protection levels will help increase crypto adoption and liquidity across the continent.
The crypto exchange also received a virtual assets license from the Dubai regulator in March, allowing it to offer limited exchange products and services to pre-qualified investors and professional financial service providers.
Binance had previously run afoul of regulators over its alleged failure to apply for or register financial services licenses. Zhao said a blog post from July 2021 that compliance is a journey.
In addition to the company's recent regulatory approvals, Binance's focus on compliance has impacted its hiring and partnerships. Binance.US this week hired Josh Wilsusen as its first chief policy officer and recently added former Uber Technologies executive Krishna Juvvadi as its general counsel.
Binance also partnered with data analytics firm Kharon and cloud-native screening provider Neterium this week to better detect illegal crypto activity on its platform.
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The post Binance receives regulatory approval in Italy is not financial advice.