The largest cryptocurrency exchange platform by transaction volume, Binance is now a registered entity in Italy.
Binance’s registration in the European country was announced in a press release published by OAM on Friday.
According to the statement, the exchange platform becomes the 14th registered operator for transactions involving virtual currencies in the country.
Already existing platforms include: Young Platform, Tesora srl, Anubi Digital srl, CheckSig srl, Blockeras srl, Platypus srl, Cryptosmart srl, Conio srl, Bitpanda gmbh, Tinaba spa, Chainside, Cls srl, and The Rock Trading srl.
“Another 28 operators also appear to have carried out the pre-registration preparatory to the application for registration,” the statement indicated.
The firm’s CEO, Changpeng Zhao said that
Clear and effective regulation is essential for mainstream adoption of cryptocurrencies… 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.
Notably, the approval is coming in less than a year after an Italian financial regulator CONSOB had labeled its operation in the country as “illegal.”
Binance Regulatory Compliance Measure Continues
The exchange has faced increased regulatory scrutiny over its lack of an official headquarters, but that situation looks destined to change soon with the several moves being made by the Changpeng Zhao-led firm.
Binance’s official recognition as a registered entity in Italy is coming on the heels of its approval to operate in France last month.
Recall that after it was granted approval to operate in France, the country became the first major European nation to officially recognize the exchange platform.
The exchange also recently signed a memorandum of understanding with the authorities in Kazakhstan to help it develop the framework for crypto in the Asian country.
Data from CoinGecko indicates that the company oversees spot trading volumes of more than $16 billion and over $66 billion in derivatives trading in the last 24 hours.