The Italian financial regulator has approved cryptocurrency trade platform Binance a regulatory licence to operate as a cryptocurrency service provider in Italy on May 27. Binance Italy “has received regulatory approval” through enrollment as a Cryptocurrency Service Provider with the Organismo Agentie Mediatori (OAM), as expected by the Italian regulation on crypto resources. “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” said Binance CEO Changpeng Zhao.
The announcement stated that:
“The registration of Binance Italy … allows the company to offer crypto products to its customers in Italy.”
The recent registration of Binance Italy, the group’s legal entity in the nation, allows the company to offer crypto products to its consumers in Italy, and it is a clear demonstration of how important it is for Binance to operate in accordance with local cryptocurrency rules. The regulatory approval is a significant step forward in Binance’s expansion strategy for Italy, allowing the business to extend its presence in the nation by opening offices and hiring more local staff.
Recently, Binance said it has gotten endorsement from the French monetary controller, the Autorité des marchés lenders (AMF), to work as an enlisted Digital Asset Service Provider (DASP). The crypto trade likewise got licenses in Bahrain and Dubai.
Binance co-founder and CEO Changpeng Zhao (CZ) commented:
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies.”
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