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Binance received regulatory approval in Italy to operate as a cryptocurrency service provider in the country

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Indrani bose Follow

INDIA

May, 31 2022

May, 31 2022

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World’s largest crypto exchange platform Binance has received regulatory approval in Italy through registration from the country’s financial regulator to operate as a cryptocurrency service provider in the country.

In case of digital assets Italian legislation requires firms to receive regulatory approval with the Organismo Agenti e Mediatori (OAM), to operate in the country. Due to this registration Binance can offer crypto products to its customers in Italy as the company continues its drive to operate in compliance with local regulations regarding cryptocurrencies. In a statement, the company said this move will also allow the company to strengthen its presence in the country by opening offices and expanding the local team. On CityAM first the post-Binance granted regulatory approval in Italy appeared.

Changpeng ‘CZ’ Zhao, co-founder and CEO of Binance said “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,”. Further, he thanked the Ministry of Economy and Finance and the OAM for their efforts for setting up required necessary requirements to operate in Italy in full transparency.

As per report last July Binance had received warning from Italy's securities regulator saying that the crypto exchange was unauthorized to operate in the country.

Approval received by Binance

 According to Binance, in early May 2022 it has received approval from the French financial regulator, the Autorité des marchés financiers (AMF) to operate in France as a registered Digital Asset Service Provider (DASP) in which Binance chiefs gave hint that they would establish the company’s European hub. Recently the crypto exchange platform received licenses to operate in Bahrain and Dubai.

Binance received its Category 4 license from Central Bank of Bahrain (CBB) recently which shows it as a fully-fledged crypto-asset service provider (CASP). After reportedly fulfilling all the operational, technical, and security requirements that are set by the CBB it has received this license. Three months before Binance secured its preliminary authorization to establish a crypto-asset business, paving the way for it to begin operations within the country.

Previously, the CBB had granted Binance an "in-principle" decision. This was the first step in the full authorization process, in which the applicant must has to fulfil one or more requirements to receive a license. By upgrading its license, the world's largest crypto ecosystem will be able to offer a complete suite of crypto exchange services in Bahrain.


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Indrani bose

CBW - External Analyst

INDIA

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