Binance receives another regulatory approval from regulators in Italy. – Latest News

On Friday, May 27, the big stock market Binance has received regulatory approval in Italy by registering as a cryptocurrency service provider. Registration was obtained from theOrganization Agenti e Mediatori (OAM) in accordance with the Italian law on the trading of crypto.

The Italian government gives the green light at Binance

A priori, the largest trading platform for crypto Binance announced that its subsidiary Binance Italy has been approved by the Italian regulator. As a reminder, it was reported as “unauthorized” by the financial regulator CONSOB last July. Last year, Binance also saw itself prohibit the sale of derivative products to Italian citizens. Thus, the company can now offer crypto services in Italy in less than a year.

According to the press release: “The recording of Binance Italy, the legal entity of the group in the country established in recent months, allows the company to offer cryptographic products to its customers in Italy and it is a concrete testimony of the importance for Binance to operate in compliance with local regulations concerning crypto-currencies. »

Separately, the stock exchange said this is an important step in its Italian growth strategy. Moreover, the company plans to strengthen its presence in the country by opening offices and expanding local teams.

Additionally, the CEO of Binance, Changpeng Zhaosaid that clear and effective regulation is crucial for the widespread adoption of cryptocurrencies.

“We thank the Ministry of Economy and Finance and theOAM for their efforts in defining and monitoring the requirements necessary to operate in Italy with complete transparency. Binance has always put its users first. Given the implementation of the register, our platform is among the safest and most reliable. »

To dig deeper: Coinbase executives take home $1.2 billion as share price hits all-time high.

Expand globally

At the beginning of this month, Binance has received regulatory authorization to operate as a digital asset service provider in another European country, the France. Indeed, this latest approval is still aimed at extending the exchange’s operation on European soil. Recently, Binance received licenses to Bahrain and to Dubai. Additionally, the exchange is looking for potential future cryptocurrency in India.

Furthermore, the startups Blockchain in development in India have been endorsed by Binance and other technology experts, said Leon Foong. The latter is a senior manager of Binance. Last week he noted that theIndia has fundamental advantages over other countries.

” This country can be a very big crypto market because it has many well-educated engineers.” , did he declare.

Bonus: The Terra community accepted the proposal to burn 1.3 billion UST tokens.

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Binance receives another regulatory approval from regulators in Italy. – Latest News

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