Binance said on Friday that its legal entity based in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe.
The registration of Binance Italy, which was instituted in recent months, could potentially make the company more accountable and reduce the chances of money laundering.
Binance said it can now open offices in Italy and expand its local team. The company is one of 14 virtual asset operators to be registered with Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.
The move comes nearly a year after Binance was forced to dial back on its product offerings across Europe following regulatory scrutiny. In Italy, the company had to close its futures and derivatives business.
Earlier this month, Binance CEO Changpeng Zhao said that the company had also registered with the French market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria.
© Thomson Reuters 2022
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