Binance Receives Approval To Operate In Italy

Twitter icon  •  Published hace 1 año  •  Mark Weaden

Leading cryptocurrency exchange Binance has announced that they have received approval from the Italian regulatory authorities, the Organismo Agenti e Mediatory (OAM), to launch Binance Italy.

Leading cryptocurrency exchange Binance has announced that they have received approval from the Italian regulatory authorities, the Organismo Agenti e Mediatory (OAM), to launch Binance Italy. 

Binance has been on a crusade to improve its regulatory standards globally, allowing it to enter new markets. The new license will allow Binance to offer its products and services to Italians, as the firm continues to influence global opinion regarding cryptocurrency.

The company is slowly growing and expanding its operations in the European Economic Area (EEA). But, things haven’t been easy and there is still a long way to go before the company realise the vision of company CEO Changpeng Zhai.

The Expansion Of Binance Operations

Reward back to the middle of 2021 and cryptocurrency companies around the world were hit with new regulatory standards, including in Italy, with the United Kingdom banning the company’s operations altogether. 

As crypto shifts into the mainstream, there is also increasing pressure on regulatory authorities to meet the standards required by law. The fast-moving fintech crypto space makes it even more difficult, as the technology being written into law is evolving. 

The goal for Binance is to attain global approval so that the company can fulfil its potential as the number one global crypto exchange platform. CEO Zhai had this to say 

"Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and the OAM for their efforts in defining and controlling the necessary requirements to operate in Italy in full transparency,” he added, “Binance has always put its users first and, with actions such as the implementation of the register,  they can be confident that our platform is among the safest and most trustworthy in the world."

Binance saw recent success in Dubai, with the approval of the company to offer its services and products to Dubai residents. This was a particularly big move, given the fact Dubai hopes to become one of the global crypto hubs in the coming years.

The future looks bright for Binance, as they look to get approved in France as well as in Bahrain. On top of that, the company hopes to set up a defined regional headquarters, so regulators and watchdogs can easily contact the firm with queries and answer any doubts about the company’s commitment to regulatory compliance. 

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.