Binance moves to set up shop in Italy

The largest cryptocurrency exchange platform by transaction volume, Binance is now a registered entity in Italy, according to a tweet from company chief Changpeng Zhao. CZ revealed the news on Friday to over 6 million followers via his verified Twitter account and cited an official press statement from Italy’s Organismo Agenti E Mediatori (OAM).

According to the statement, the exchange platform becomes the 14th registered operator for transactions involving virtual currencies in the country. 

Already existing platforms include: Young Platform, Tesora srl, Anubi Digital srl, CheckSig srl, Blockeras srl, Platypus srl, Cryptosmart srl, Conio srl, Bitpanda gmbh, Tinaba spa, Chainside, Cls srl, and The Rock Trading srl. “Another 28 operators also appear to have carried out the pre-registration preparatory to the application for registration,” the statement indicated. 

Binance is the first major exchange to set up shop in Italy and offers its services as a virtual asset service provider (VASP) in the G7 nation after a successful registration with Italy’s financial watchdogs.

The firm’s CEO, Changpeng Zhao said that:

“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies… 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.”

Since the beginning of the year, the company has made public its goal to improve policy compliance as part of its growth into European and Middle Eastern markets.

CZ’s exchange received authorization from French market supervisors. The exchange created a significant €100 million fund to support French producers and the country’s developing Web3 ecosystem.

Earlier this month, at the Finance FWD conference, CZ revealed that the company was looking for a crypto license in Germany as part of its European drive.

The massive exchange presently has a foothold in the Middle East, having received cryptocurrency licenses from regulators in Abu Dhabi, Bahrain, and Dubai. Binance was the first digital asset exchange to get a category four crypto asset service license from Bahrain’s central bank.

On Friday, CZ also unveiled a partnership between Binance Pay and JA Hotels.

Binance has faced heightened regulatory scrutiny due to its lack of an official headquarters, but that scenario appears to be changing quickly with the Changpeng Zhao-led firm’s recent efforts.

The exchange also just inked a memorandum of understanding with Kazakhstani authorities to assist it in developing the crypto framework in the Asian country.

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