Binance Cleared to Operate in Italy After 2021 Ban

Cryptocurrency continues to gain traction worldwide, and Europe is not left out. This was evident in an announcement made by Binance on Friday after its legal team in Italy completed registration with the country’s regulator. Binance, the world’s largest cryptocurrency exchange by daily trading volume, has registered Binance Italy as a digital asset service provider with Organismo Agenti e Mediatori (OAM), an Italian regulatory agency responsible for overseeing the listings of financial institutions.

This announcement comes after a similar statement a few weeks back where the cryptocurrency powerhouse received clearance to operate in France. After receiving the approval, the management of Binance made it known that they might build their European headquarters in France. 

The company’s registration in Italy could increase the exchange’s accountability and decrease the likelihood of money laundering. Binance CEO Changpeng Zhao, in a statement 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 is now one of the 14 virtual asset operators registered with the OAM, the body regulating and overseeing crypto operations in Italy. This regulatory permission is in line with Binance expansion plans as it allows the company to gain a foothold in Italy, launch offices, and grow its local human resources.

Binance has already received permits from Abu Dhabi, Bahrain, and Dubai in March. France is the first country in the European Union to register Binance after multiple regulators from EU countries such as the UK, Germany, and Italy issued a warning to the company last year about it operating without a license in their jurisdictions.

Meanwhile, a survey conducted in Italy last year revealed that many respondents were not likely to invest in cryptocurrency, while four out of ten were interested in bitcoin but unsure how to explore it. However, in another recent study by OAM, 11% of respondents had no clear knowledge about cryptocurrencies, whereas 64% claimed to have “good financial understanding” and an inclination to invest in cryptocurrencies.

Featured Image: Twenty20 ©Murmakova

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