Binance said on Friday that its legal entity in Italy has registered with the country’s regulator, as the major cryptocurrency exchange seeks to gain traction in Europe.
The Binance Italy registration, which was established in recent months, is likely to make the company more accountable and reduce the potential for money laundering.
Binance said it can now open offices in Italy and expand the local team. The company is one of 14 virtual asset operators registered with Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.
The move comes nearly a year after Binance was forced to back out of its product offerings across Europe after it came under scrutiny by regulators. In Italy, the company had to wind down its futures and derivatives business.
Earlier this month, Binance CEO Changpeng Zhao said the company had also registered with the French market regulator. Binance is also seeking to register in Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria.
© Thomson Reuters 2022
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.