Binance registers with Italy’s regulator amid plans to expand in Europe

(Reuters) – Binance mentioned on Friday its authorized entity in Italy had registered with the regulator within the nation, as the main cryptocurrency change seeks to realize traction in Europe.

The registration of Binance Italy, which was established in latest months, might probably make the corporate extra accountable and scale back the prospects for cash laundering.

Binance mentioned it might now open places of work in Italy and increase the native staff. The corporate is likely one of the 14 digital asset operators to be registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto business in Italy.

The transfer comes nearly a yr after Binance was compelled to dial again on its product choices throughout Europe after coming underneath scrutiny from regulators. In Italy, the corporate needed to wind down its futures and derivatives enterprise.

Earlier this month, Binance’s Chief Government Officer Changpeng Zhao mentioned the corporate had additionally registered with France’s market regulator. Binance can also be in search of registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

(Reporting by Niket Nishant in Bengaluru and Maria Pia Quaglia in Milan; Modifying by Amy Caren Daniel)