The world’s largest crypto exchange by trading volume, Binance has received approval from Italian regulator Organismo Agenti E Mediatori (OAM) to operate as a virtual asset service provider in the country.
Binance Gets Approval in Italy
With its approval, the exchange said it would be able to establish offices in Italy as well as increase its workforce to best serve users.
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and the OAM for their efforts in defining and controlling the necessary requirements to operate in Italy in full transparency. Binance has always put its users first and, with actions such as the implementation of the register,” Changpeng Zhao (CZ), co-founder and CEO of Binance said in a statement.
Last year, Binance received backlash from an Italian regulator, Consob, who declared the exchange’s operations illegal, Coinfomania reported.
The leading exchange has also in the past faced regulatory challenges from other regulators in Europe, including Germany, the United Kingdom and others.
Expansion Into Europe and MENA Markets
After facing regulatory challenges in the past, Binance has in recent times been gaining momentum with regulators, enabling it to continue to expand into the European and the Middle East and North Africa (MENA) markets.
In March, the firm received a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA) to function as a platform for regional expansion under Dubai’s ‘test-adapt-scale’ virtual asset market paradigm.
A few weeks ago, Binance was granted regulatory approval in France to offer its services to investors in the country.
Just recently, the company became the first crypto exchange to obtain a Category 4 license from the Central Bank of Bahrain (CBB) to offer full suite crypto services in the country.
Recall that Binance first received an In-principle approval from the regulator late last year. According to reports, the exchange is also working to become a registered entity in Germany.
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