- Regulation is “essential” for mainstream crypto adoption, says Binance CEO
- The exchange registered as a digital asset service provider in France earlier this month
The world’s largest crypto exchange has received regulatory approval in Italy as it continues its expansion into new regions.
Binance Italy has registered as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM) – a requirement of the country’s legislation. The approval allows the company to offer crypto products to clients in Italy, open offices and expand its team in the country.
“Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao said in a statement. “Binance has always put its users first and with measures like implementing the registry, they can be confident that our platform is among the most secure and trusted in the world.”
A Binance spokesperson did not immediately respond to a request for comment on specific products it may offer in Italy or other regions where it is seeking regulatory approval.
The news follows Binance’s registration as a digital asset service provider in France earlier this month by the Autorité des Marchés Financiers (AMF).
David Princay, CEO of Binance France, called the registration “an important milestone for crypto in Europe,” noting that the new anti-money laundering protection levels will help boost crypto adoption and liquidity across the continent.
The crypto exchange also received a virtual assets license from the Dubai regulator in March, allowing it to offer limited exchange products and services to pre-qualified investors and financial professional firms.
Binance had previously run afoul of regulators over an alleged failure to apply for or register financial services licenses. said Zhao a blog post from July 2021 that compliance is a journey.
In addition to the company’s recent regulatory approvals, Binance’s focus on compliance has impacted its hiring and partnerships. Binance.US this week hired Josh Wilsusen as its first chief policy officer and recently added Krishna Juvvadi, the former Uber Technologies executive, as head of legal.
Binance also this week partnered with data analytics firm Kharon and cloud-native screening provider Neterium to better detect illicit crypto activity on its platform.
The Binance post receives regulatory approval in Italy is not financial advice.
Source: Crypto News Austria