Binance, the world’s biggest cryptocurrency exchange by trading volume, has been granted permission by the Italian regulator Organismo Agenti E Mediatori (OAM) to operate as a virtual asset service provider in the nation. With the clearance, the exchange said that it will be allowed to open offices in Italy and expand its employees to better service users.
Clear and effective regulation is required for cryptocurrency general acceptance. We congratulate the Ministry of Economy and Finance and the OAM for their work in establishing and managing the conditions for fully transparent operations in Italy. Binance has always prioritized its users, as seen by moves such as the establishment of the register, according to Changpeng Zhao (CZ), co-founder and CEO of Binance.
As previously reported, Binance faced blowback from an Italian regulator, Consob, who ruled the exchange’s activities unlawful last year. In the past, the main exchange has faced regulatory challenges from other European authorities such as Germany, the United Kingdom, and others.
Following regulatory problems in the past, Binance has recently gained traction with authorities, allowing it to continue its expansion into the European and Middle East and North Africa (MENA) markets.
In March, the company got a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA) to serve as a basis for regional development under Dubai’s ‘test-adapt-scale’ virtual asset market model.
Binance received regulatory authorisation in France a few weeks ago to provide its services to French investors.
The firm just became the first crypto exchange in Bahrain to get a Category 4 license from the Central Bank of Bahrain (CBB) to provide full suite crypto services.
Remember that Binance was granted In-Principle permission by the authorities late last year. According to rumors, the exchange is also attempting to register as a legal organization in Germany.