Binance Gets Clearance To Operate In Italy After 2021 Ban
As the cryptocurrency exchange seeks to gain traction in Europe, Binance announced on Friday that its legal unit in Italy had registered with the country’s regulator.
Binance, the world’s biggest cryptocurrency exchange by daily trading volume, has registered Binance Italy as a digital asset service provider with Organismo Agenti e Mediatori, an Italian regulatory agency responsible for overseeing the listings of financial institutions.
Just a few weeks ago, Binance received clearance to operate in France, where the exchange’s management had previously signaled they might build a European headquarters for the company.
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Binance Gets Registered After Snag
The company’s registration in Italy could increase the exchange’s accountability and decrease the likelihood of money laundering.
In a statement, Binance CEO Changpeng Zhao, said:
“Clear and effective regulation is important for mainstream adoption of cryptocurrencies … We thank the Ministry of Economy and Finance and the OAM for their efforts in underscoring and controlling the necessary requirements to operate in Italy in full transparency.”
Binance Italy is now registered as a digital asset service provider with Organismo Agenti e Mediatori.
Binance is one of 14 virtual asset operators registered with the OAM, which oversees crypto operators in Italy.
The regulatory permission signifies a major achievement in the crypto exchange’s expansion master plan for Italy and will enable the firm to boost its foothold in the country by launching offices and growing its local manpower.
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Binance To Expand In Other Countries
France is the first country in the European Union to register Binance, which also seeks registration in Austria, Portugal, Spain, the Netherlands, and Switzerland.
Binance received permits from Abu Dhabi, Bahrain, and Dubai in March. Multiple regulators, including those from the United Kingdom, Germany, and Italy, issued warnings to the company in the previous year, claiming the exchange was operating without a license in their jurisdictions.
Crypto total market cap at $1.18 trillion on the daily chart | Source: TradingView.com
Bitpanda, CryptoSmart Srl, Tensora Srl, Young Platform, and Blockeras Srl are the 13 other crypto platforms that are currently registered with the OAM. According to the OAM, around 28 additional operators have submitted an initial pre-registration application.
Meanwhile, a survey conducted in Italy last year revealed that a significant number of respondents were not likely to invest in cryptocurrency. Statista disclosed that around four out of 10 of those polled were interested in bitcoin but are unsure of how to explore it.
Some 11 percent of respondents in a recent OAM study had no clear knowledge about cryptocurrencies, whereas 64 percent claimed to have “good financial understanding” and an inclination to invest in cryptocurrencies.
Featured image from Prospects, chart from TradingView.com