Crypto exchange Binance to offer crypto service in Italy

Binance announced Friday that Binance Italy ‘has received regulatory approval’ through registration as a Cryptocurrency Service Provider with the Organismo Agenti e Mediatori (OAM)

Crypto exchange Binance has received regulatory approval from Italy’s financial regulator to operate as a cryptocurrency service provider in the country.

Binance announced Friday that Binance Italy ‘has received regulatory approval’ through registration as a Cryptocurrency Service Provider with the Organismo Agenti e Mediatori (OAM), as required by the Italian legislation on crypto assets.

The announcement states: The registration of Binance Italy allows the company to offer crypto products to its customers in Italy.

Binance Italy, established in recent months, is the legal entity of the Binance Group in Italy.

Changpeng Zhao (CZ), co-founder and CEO of Binance, commented: 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.

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, he added.

Earlier this month, Binance said it has received approval from the French financial regulator, the Autorité des marchés financiers (AMF), to operate as a registered Digital Asset Service Provider (DASP). The crypto exchange also recently received licenses in Bahrain and Dubai.

In March, the firm received a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA) to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.

Just recently, the company became the first crypto exchange to obtain a Category 4 license from the Central Bank of Bahrain (CBB) to offer full suite crypto services in the country.

Last year, Binance received backlash from an Italian regulator, Consob, who declared the exchange’s operations illegal, Coinfomania reported.

The leading exchange has also in the past faced regulatory challenges from other regulators in Europe, including Germany, the United Kingdom, and others.