Binance, the world’s largest cryptocurrency exchange by trading volumes, has received registration and regulatory approval to operate in Italy. This is the latest move by Binance to strengthen its presence in Europe and become a top exchange in the continent.
Binance gets regulatory approval in Italy
The recently obtained regulatory approval in Italy is just one of the moves taken by Binance to expand its presence in Europe. Before this, the exchange had received registration to operate in France. The France license was acquired at the beginning of May.
On Friday last week, an official blog post by the exchange giant said that Binance Italy had acquired a regulatory approval in Italy. The approval was received after the company registered as a Cryptocurrency Service Provider. The registration was filed with the Organismo Agenti e Mediatori (OAM) according to the laws of Italy.
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Under this registration, it will be possible for Binance to offer cryptocurrency products to customers based in Italy. The exchange will be required to comply with the local legislation and open offices in the location. It will also have to expand its local team in the country.
The CEO and founder of the Binance exchange, Changpeng Zhao, said that he was grateful to the Italian government for the freshly acquired license. Zhao also thanked the Ministry of Economy and Finance and the OAM for outlining and controlling the requirements needed to operate in Italy while maintaining full transparency.
A representative from the exchange further said that Binance would launch headquarters in Milan. Milan is considered a major hub for cryptocurrency operations in Italy. The representative further added that Binance remained committed to achieving a global reach. Therefore, it would acquire licenses and registrations wherever was possible.
Binance’s expansion plans in the Middle East
Binance has been active with its expansion plans over the past year. Before gaining this new approval in Europe, the exchange had made several strategic advancements in other markets, including the Middle East.
In March, Binance received a regulatory green light in Dubai and Bahrain. A month later, the firm received in-principle approval to launch operations in Abu Dhabi. In November last year, Zhao announced that the company was setting up a new initiative dubbed “Objective Moon.” The initiative’s goal is to grow the company and ensure it has a solid presence in Europe and France.
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