Binance has reinforced its European presence by obtaining registration and regulatory approval in Italy.
The exchange’s official blog stated that Binance Italy has received regulatory approval in the country through registration as a Cryptocurrency Service Provider with Organismo Agenti e Mediatori , as required by Italian legislation.
The registration allows Binance to offer crypto products to its customers in Italy in compliance with local guidelines as well as to open offices and expand the local team. In his statement, Binance co-founder and CEO Changpeng Zhao thanked Italy’s 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.”
Reports indicate that the company headquarters will open in Milan, which is considered a major business hub in Italy.
Before the announcements of the operating licenses in Italy, Binance took a series of steps on the Middle Eastern market. The exchange got the green light from regulators in Bahrain and Dubai, and in April the company obtained an in-principle approval to operate in Abu Dhabi.
Last year CZ also announced the launch of a $115 million initiative named “Objective Moon” to develop the blockchain and crypto ecosystem in Europe.
