Binance, the world’s largest cryptocurrency exchange by volume, is now licensed with its Italian subsidiary by Organismo Agenti e Mediatori, the Italian regulatory body responsible for the registration of financial institutions, and may now offer its services in Italy.
Binance is one of 14 cryptocurrency service providers licensed by OAM. Bitpanda, CryptoSmart Srl, Tensora Srl, Young Platform, and Blockeras Srl are some of the 13 other platforms licensed by OAM. OAM also noted that another 28 companies have submitted an application for registration.
Registering Binance in the country once again ensures that the company gets a slightly better name and reduces the chance of money laundering again. Changpeng Zhao, CEO of Binance, said:
†Clear and effective regulation is important for the mainstream adoption of cryptocurrencies … We thank the Ministry of Economy and Finance and OAM for their efforts to confirm and monitor the requirements necessary to operate in Italy with complete transparency†
Binance expands in Europe
Just a few weeks ago, Binance also got the green light to launch working in France† Here they were able to obtain a Digital Asset Service Provider (DASP) license from French financiers (AMF). They were also able to obtain approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France.
France is the first country in the European Union to license Binance. Binance is also still working on licensing in the Netherlands, Spain, Portugal, Switzerland and Austria.
Binance is already doing very well as it already obtained licenses in Abu Dhabi, Bahrain and Dubai two months ago. Not surprisingly, Binance is now collecting licenses. In the past year, the cryptocurrency exchange received several warnings from countries such as the UK, Italy and Germany for offering its services without a license.
