On May 27 2022; cryptocurrency exchange – Binance announced that Its Italian branch has received complete government approval to operate in the European nation.
Speaking on the development, Binance founder and CEO commented on the need for legal and regulatory conformance; “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.”
The approval will enable Binance to run its activities in the country and offer other services to customers in Italy with support from the Italian government. This development is part of Binance’s goal to conform to regulatory specifications and protect the company and users from issues that may result from not doing so.
This follows a similar announcement earlier stating that Binance has also received regulatory approval to operate in Portugal. Binance is also approved to operate in France. Changpeng Zhao has stated that this move is continuous as his exchange seeks to obtain full regulatory approval in as many nations as possible.