- Cryptocurrency exchange will establish a subsidiary in Italy.
- Dubai, Abu Dhabi have also given Binance their assent
Binance Holdings Ltd. has received regulatory approval for a local entity from Italian authorities, three weeks after securing a nod from the French government.
The world’s largest cryptocurrency exchange by trading volume is one of 14 virtual asset operators to be registered by the Organismo degli Agenti e dei Mediatori (OAM), which supervises crypto operators in Italy, the OAM said on its website.
Earlier this year, Italy imposed a new requirement that virtual asset providers operating in the country register, establish a local subsidiary with a physical presence, and agree to comply with anti-money laundering provisions.
Last July, Italy blocked Binance from offering services to users in the country, saying that the exchange was “not authorized to provide investment services and activities”. The statement also prohibited Binance from making its website available to people in Italy.
The new registration will allow the company to resume offering crypto products to customers in the country and open offices, Binance said.
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” Changpeng “CZ” Zhao, Binance co-founder and chief executive officer, wrote in a message to Bloomberg.
The approval is the latest sign that the world’s largest crypto firms are gaining momentum with regulatory bodies in certain strategic markets. In recent months, Binance has secured nods from France, Bahrain, Dubai and Abu Dhabi, while rivals FTX and Kraken got licenses in Dubai and Abu Dhabi.
At the same time, other jurisdictions like Singapore have imposed stricter crypto-licensing regimes, citing risks to retail investors and concerns that digital assets might be used for money laundering and financing of terrorism.
