As it continues to expand into new territories, the world’s largest crypto exchange has received regulatory licence in Italy.
Binance Italy has registered with the Organismo Agenti e Mediatori (OAM) as a cryptocurrency service provider, as required by Italian law. The permission permits the company to offer crypto products to Italian customers, as well as create offices and grow its workforce there.
“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 representative for Binance did not immediately respond to a request for comment on specific items it would consider offering in Italy or other countries where it is seeking regulatory licence.
Binance was registered as a digital asset service provider in France by the Autorité des marchés financiers earlier this month (AMF).
The registration, according to Binance France CEO David Princay, is “a key milestone for crypto in Europe,” as the additional levels of anti-money laundering protection will assist grow crypto acceptance and liquidity across the continent.
Posted by Next Big Brand on Friday, May 27, 2022
In March, Dubai’s regulator granted the crypto exchange a virtual asset licence, allowing it to offer specific exchange products and services to pre-qualified investors and professional financial service providers.
Binance has previously under regulatory scrutiny for allegedly failing to file for or register for financial services licences. In a July 2021 blog post, Zhao stated that compliance is a journey.
Binance’s commitment on compliance has spread to its recruiting and collaborations, in addition to recent regulatory clearances. Binance.US has hired Josh Wilsusen as its first chief policy officer, and Krishna Juvvadi, a former Uber Technologies employee, as its head of legal.
Binance also announced this week that it has teamed with data analytics firm Kharon and cloud-native screening provider Neterium to better detect unlawful cryptocurrency activity on its platform.
