Top-notch Crypto Exchange, Binance declared that its branch of Italy “Binance Italy” got approval for the cryptocurrency service provider from Organismo Agenti e Mediatori (OAM).
The approval is much needed for any crypto exchange in Italy to provide crypto-based services in a legal manner. After this approval, Binance would be able to run its operation without any regulatory obstacles.
It is a significant achievement for Binance’s global expansion vision. The exchange called it a “concrete testimony” of Binance’s priority to operate in compliance with local regulations regarding cryptocurrencies.
Binance counts this approval as an important milestone for Binance’s growth strategy in Italy. The exchange believes that consent from the authority will allow the company to strengthen its presence in the country by opening offices and expanding the local team.
Changpeng Zhao “CZ”, co-founder and CEO of Binance commented: “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and the OAM for their efforts in defining and controlling the necessary requirements to operate in Italy in full transparency. Binance has always put its users first and, with actions such as the implementation of the register, they can be confident that our platform is among the safest and most trustworthy in the world.”
Also Read: Binance Attains France Regulatory Authority Approval for a DASP
Last week, Binance announced that it had acquired a Category 4 license as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB).
