Binance, the biggest cryptocurrency exchange in the world has been granted regulatory license in Italy as it continues to expand into new territories.
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 firm to provide crypto goods to Italian consumers, as well as create offices and grow its personnel in the nation.
“Clear and effective regulation is necessary for the widespread acceptance of cryptocurrencies,” stated Changpeng Zhao, CEO of Binance. “Binance has always prioritized its consumers, and the introduction of the register gives them confidence that our platform is among the safest and most reliable in the world.”
A spokesman for Binance did not immediately respond to a request for comment about the exact items it may seek regulatory license to provide in Italy and other areas.
The announcement followed Binance’s registration as a digital asset service provider in France by the Autorité des marchés financiers earlier this month (AMF).
The CEO of Binance France, David Princay, referred to the registration as “an important milestone for crypto in Europe,” stressing that the additional levels of anti-money laundering protection would contribute to the expansion of crypto acceptance and liquidity throughout the continent.
In March, the cryptocurrency exchange also received a virtual asset license from Dubai’s government, enabling it to sell restricted exchange goods and services to pre-qualified investors and professional financial service providers.
Binance has been in conflict with authorities in the past for allegedly failing to apply for or register for financial services licenses. In a July 2021 blog post, Zhao said that compliance is a journey.
In addition to recent regulatory certifications, Binance’s commitment to compliance has permeated its employment and partnering practices. This week, Binance.US recruited Josh Wilsusen as its first chief policy officer and added former Uber Technologies employee Krishna Juvvadi as its director of legal affairs.
This week, Binance also teamed with data analytics company Kharon and cloud-native screening service Neterium to identify unlawful cryptocurrency activities on its platform more effectively.