Binance Italy wins approval to operate as crypto service provider

Crypto exchange giant Binance said on Friday that Binance Italy had received regulatory approval through registration as a cryptocurrency service provider with the Organismo Agenti e Mediatori (OAM), as required by Italian legislation on crypto assets.

The registration of Binance Italy allows it to offer crypto products to its customers in Italy and represents a milestone in Binance’s growth strategy, allowing the company to strengthen its presence by opening offices and expanding the local team, it said in a statement.

The Block reported last July that Italy's securities regulator had issued a warning against Binance, saying that the crypto exchange was unauthorized to operate in the country.

Changpeng Zhao, co-founder and CEO of Binance, said on Friday: “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.”

Earlier this month, French financial regulators granted Binance a digital asset service provider license, The Block reported. The company also recently received licenses to operate in Bahrain and Dubai.