Binance returns to Italy following receiving regulatory approval for a local entity from Italian authorities on Friday.
Last July, Italy banned Binance from offering services to users in the country, saying the exchange was “not authorized to provide investment services and activities,” while also banning the exchange to make its website available to people in Italy.
Binance, the world’s largest cryptocurrency exchange by trading volume, is one of 14 virtual asset operators to be registered with Italy’s Organismo degli Agenti e dei Mediatori (OAM), which oversees crypto operators in Italy.
This news comes three weeks following receiving approval from the French government to also offer services in the country. Binance’s registration with Italian regulators also comes shortly following regulators published requirements for businesses to be registered to establish a physical presence and agree to comply with AML regulations.
With this new registration, Binance will now be able to resume offering crypto products in the country and open offices, the exchange said.
“Clear and effective regulation is essential for the widespread adoption of cryptocurrencies,” Binance CEO Changpeng Zhao (CZ) told Bloomberg.
Binance joins other exchanges registered in Italy
Binance joins 13 other crypto platforms currently registered with OAM, including Bitpanda, Young Platform, Tensora Srl, Blockeras Srl, and CryptoSmart Srl. The OAM also revealed that 28 other operators have embarked on a first application for pre-registration.
Registration opened May 16, giving applicants a 60-day window to file applications, which cost regarding $536 to file, at press time. After approval, registered entities must submit quarterly reports to the OAM detailing their operations in Italy and send a summary of operations to each client.
A recent OAM survey found that 11% of respondents (774 adults, male and female) knew nothing regarding cryptocurrencies – while 64% claimed to have “good financial knowledge” and a propensity to invest in crypto.
Expansion in Germany
Last week, Binance also announced its new attempts to enter Germany, following approval from French regulators three weeks ago. The crypto exchange also recently received regulatory approval in Dubai, Abu Dhabi, and Bahrain.
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