Binance Says It Has Registered With Italy Regulator, Seeks to Gain Traction in Europe

Binance says it could now open offices in Italy and expand the local team.

By Reuters | Updated: 28 May 2022 13:02 IST

Binance Says It Has Registered With Italy Regulator, Seeks to Gain Traction in Europe

Photo Credit: Screenshot/ Binance

Binance was forced to dial back on its product offerings across Europe last year

Highlights

Binance has registered with Italy's regulator
The major cryptocurrency exchange seeks to gain traction in Europe
Binance said it could now open offices in Italy and expand the local tea

Binance said on Friday its legal entity in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe.

The registration of Binance Italy, which was established in recent months, could potentially make the company more accountable and reduce the prospects for money laundering.

Binance said it could now open offices in Italy and expand the local team. The company is one of the 14 virtual asset operators to be registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.

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The move comes almost a year after Binance was forced to dial back on its product offerings across Europe after coming under scrutiny from regulators. In Italy, the company had to wind down its futures and derivatives business.

Earlier this month, Binance's Chief Executive Officer Changpeng Zhao said the company had also registered with France's market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

© Thomson Reuters 2022

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