Binance is already cleared to operate in Italy. The cryptocurrency exchange confirmed this development via Twitter last Friday, May 27, 2022.
We are glad to read this news today about Binance obtaining the clearance to do business in Italy. We believe our followers will also feel similarly, so we are sharing this update with them.
According to the report posted online by Bitcoin news website Bitcoinist, Binance’s division, Binance Italy, has already been registered as a cryptocurrency service provider with the European country’s Organismo per gli Agenti e Mediatori’ or OAM.
The latter is the regulatory bureau responsible for overseeing financial institutions’ listings and supervises cryptocurrency operators in Italy.
The Binance management confirmed the milestone event last Friday on its official Twitter account with the handle @binance where it has over 8.9 million social media followers at the time of writing this news.
Binance will be able to expand its foothold as a fully regulated digital asset service provider in Italy. The regulatory permission is also a significant achievement for the world’s largest cryptocurrency exchange by daily trading volume as it facilitates the company’s expansion master plan for the European country.
Binance will be able to grow its local manpower and launch offices in Italy. Changpeng Zhao remarked in a statement that they are thankful to the OAM and Italy’s Ministry of Economy and Finance for their work in controlling and underscoring the needed requirements for crypto-asset firms to operate in Italy in complete transparency.
The Binance CEO also mentioned that lucid and effective regulation is key for cryptocurrencies’ mainstream adoption. Binance’s clearance to be fully operational in Italy is a part of its agenda of gaining traction in the European continent.
The virtual currency exchange had also been cleared to operate in France recently. During that time, the Binance management signaled their intent to establish a European headquarters for their firm.
Besides France and Italy, Binance also seeks to expand its operations in other nations in Europe by registering in The Netherlands, Austria, Switzerland, Portugal, and Spain. It received permits to operate in Bahrain and Dubai and Abu Dhabi in the United Arab Emirates last March.
We want to congratulate Mr. Changpeng Zhao and the entire Binance team for their successful registration in Italy. We want to emphasize that such an event is an important occasion for the cryptocurrency exchange and the entire crypto-asset space.
After all, we gathered that multiple regulators from Italy, the United Kingdom, and Germany had issued warnings to Binance last year. These legal entities claimed the virtual currency exchange operated without a license in their jurisdictions.
Nonetheless, Binance’s latest registration in Italy indicates that the cryptocurrency company is, indeed, a legitimate business establishment.
We think more territories in Europe and worldwide will trust Binance later on and allow it to fulfill its plan of expanding to other locations and fulfill cryptocurrency users’ needs.