Binance Gets Clearance To Operate In Italy After 2021 Ban

Binance announced on Friday that its legal unit in Italy had registered with the country's regulator as the cryptocurrency exchange seeks to gain traction in Europe.

Binance, the world's largest cryptocurrency exchange by daily trading volume and the trading place of cryptos that double down as a token and as a transaction network like Concordium and Solana, has registered as a digital asset service provider with Organismo Agenti e Mediatori, an Italian regulatory agency in charge of overseeing financial institution listings.

Binance recently received permission to operate in France, where the exchange's management had previously indicated that the company might establish a European headquarters.

The registration of the company in Italy may increase the exchange's accountability and reduce the likelihood of money laundering.

Binance CEO Changpeng Zhao stated in a statement:

"Clear and effective regulation is critical for cryptocurrency mainstream adoption... We thank the Ministry of Economy and Finance and the OAM for their efforts in emphasizing and controlling the requirements for conducting business in Italy in full transparency."

Binance is one of 14 virtual asset operators registered with the OAM, the Italian regulatory body that oversees crypto operators.

The regulatory approval is a significant step forward in the crypto exchange's expansion strategy for Italy, allowing the company to strengthen its presence in the country by opening offices and hiring more locals.

Binance has become the first company in the European Union to be registered in France. The company is also seeking registration in Austria, Portugal, Spain, the Netherlands, and Switzerland.

In March, Binance received permits from Abu Dhabi, Bahrain, and Dubai. Several regulators, including those from the United Kingdom, Germany, and Italy, issued warnings to the company the previous year, alleging that the exchange was operating without a license in their respective jurisdictions.

The 13 other crypto platforms currently registered with the OAM are Bitpanda, CryptoSmart Srl, Tensora Srl, Young Platform, and Blockeras Srl. According to the OAM, approximately 28 more operators have submitted preliminary pre-registration applications.

Meanwhile, according to a survey conducted in Italy last year, a significant number of respondents are unlikely to invest in cryptocurrency. According to Statista, roughly four out of every ten people polled are interested in bitcoin but are unsure how to get started.

A recent OAM survey found that 11% of respondents had no clear knowledge of cryptocurrencies, while 64% claimed to have "good financial understanding" and an interest in investing in cryptocurrencies.