Binance returned to Italy after receiving regulatory approval for a local entity from Italian authorities on Friday.
Last July, Italy banned Binance from providing services to users in the country, stating that the exchange was “not authorized to provide investment services and activities”, while allowing the exchange to make its website available to people in Italy. Also stopped doing it.
Binance, the world’s largest cryptocurrency exchange by trading volume, is one of 14 virtual asset operators to be registered with Italy’s Organismo degli Agenti e dei Mediatori (OAM), which oversees crypto operators in Italy.
This news comes three weeks after the French government got approval to provide services in the country as well. Binance’s registration with Italian regulators also comes soon after the regulators issued requirements for companies to register to establish a physical presence, and agree to comply with AML regulations.
The exchange said that with this new registration, Binance will now be able to resume offering crypto products in the country and open offices.
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao (CZ) told Bloomberg.
Binance joins other registered exchanges in Italy
Binance joins 13 other crypto platforms currently registered with OAM, including Bitpanda, Young Platform, Tensora Srl, Blockeras Srl and CryptoSmart Srl. OAM also revealed that 28 other operators have started preliminary pre-registration applications.
Registration opened on May 16, giving applicants a 60-day window to file applications, which cost approximately $536 as of press time. Upon approval, ROs must submit to OAM a quarterly report detailing their operations in Italy and a summary of operations to each client.
A recent OAM survey revealed that 11% of respondents (774 adults, male and female) knew nothing about cryptocurrencies – while 64% claimed they had “good financial knowledge” and invested in crypto. tended to.
expansion into germany
Last week, Binance also announced its new efforts to push into Germany, following approval from French regulators three weeks ago. The crypto exchange has recently received regulatory approvals in Dubai, Abu Dhabi and Bahrain.
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