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The world’s largest cryptocurrency exchange by volume, Binance, has successfully secured regulatory approval in Italy.
Binance Italy is now registered as a virtual asset service provider with Organismo Agenti e Mediatori (OAM), the Italian regulatory agency for managing the lists of financial agents.
Binance CEO Changpeng Zhao, said in statement:
“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.”
The exchange has made big steps in compliance. Its approval by the Italian regulator comes just one year after being labeled “unauthorized” by the financial regulator CONSOB in July 2021.
Set on global expansion amidst its push for the European market, Binance recently secured regulatory approval with France’s AMF, while being licensed in Bahrain and Dubai.
A week ago during an event in Germany, Zhao said that his exchange is hiring compliance personnel for its German team in hopes to be granted a license there.