Binance Gains Regulatory Approval in Italy
Registration of Binance Italy allows exchange to offer crypto products to country’s customers, expand local team
key takeaways
- Regulation is “essential” for mainstream crypto adoption, Binance CEO says
- The exchange registered as a digital asset service provider in France earlier this month
The world’s largest crypto exchange has gained regulatory approval in Italy as it continues its expansion to new regions.
Binance Italy has registered as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM) — a requirement under the country’s legislation. The approval allows the company to offer crypto products to customers in Italy, as well as open offices and expand its team in the country.
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao said in a statement. “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.”
A Binance spokesperson did not immediately return a request for comment about specific products it could look to offer in Italy or other regions in which it is seeking regulatory approval.
The news follows Binance’s registration earlier this month as a digital asset service provider in France by the Autorité des marchés financiers (AMF).
Binance France CEO David Princay called the registration “a key milestone for crypto in Europe,” noting that the new levels of protection for anti-money laundering will help grow crypto adoption and liquidity across the continent.
The crypto exchange also gained a virtual asset license from Dubai’s regulator in March, allowing it to offer limited exchange products and services to pre-qualified investors and professional financial service providers.
Binance has previously ended up at odds with regulators over its alleged failure to apply or register for financial services licenses. Zhao said in a July 2021 blog post that compliance is a journey.
In addition to the company’s recent regulatory approvals, Binance’s focus on compliance has percolated to its hiring and partnerships. Binance.US hired Josh Wilsusen as its first chief policy officer this week and also recently added former Uber Technologies executive Krishna Juvvadi as its head of legal.
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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