Top cryptocurrency exchange Binance on Friday announced that its Italy division received regulatory approval in the European country. Earlier this month, Binance received regulatory nod to function as a Digital Asset Service Provider in another European country, France.
On Friday, the leading exchange received regulatory approval in Italy through registration as a Cryptocurrency Service Provider. The registration was obtained with the Organismo Agenti e Mediatori (OAM), complying with the Italian laws on crypto transactions.
Binance Italy Recognition
Binance made the announcement stating,
“The registration of Binance Italy, legal entity of the group in the country established in recent months, allows the company to offer crypto products to its customers in Italy and it is a concrete testimony of the importance for Binance to operate in compliance with local regulations regarding cryptocurrencies.”
The exchange further said the regulatory approval represents an important milestone in its growth strategy for Italy. This will allow the company to strengthen its presence in the country by opening offices and expanding the local team, it added.
Binance chief executive officer Changpeng Zhao said 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, they can be confident that our platform is among the safest and most trustworthy in the world.”
Binance Global Expansion Goes On
Recently, Binance received licenses in Bahrain and Dubai. Also, the exchange seeks a potential future of crypto in India.
Leon Foong, a top Binance executive, said last week that India’s developing Blockchain startups gained the recognition of Binance and other tech experts. He highlighted that India possesses some basic advantages over other countries. “The country can be a very large crypto market while it has many well trained engineers.”