Binance, a major cryptocurrency exchange , announced on Friday that its branch in Italy had received regulatory approval from the country’s watchdog as a Cryptocurrency Service Provider through the ‘Organismo Agenti e Mediatori’ (OAM).
According to the press release, as a result of the creation of Binance Italy, a legal entity of the company in recent months, the company is now able to offer crypto products to its customers in Italy.
“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,” Changpeng Zhao ‘CZ’, the Co-Founder and CEO of Binance, said.
In addition, the company pointed out: “Regulatory approval represents an important milestone in Binance’s growth strategy for Italy and will allow the company to strengthen its presence in the country by opening offices and expanding the local team.”
Binance in Bahrain
The news comes after Binance announced that its branch in Bahrain received a Category 4 license as a crypto asset service provider (CASP) from the Central Bank of Bahrain (CBB). With this license, it will be able to offer a full suite of crypto services across the country, becoming the first exchange to receive such a license. Binance Bahrain will now be able to offer crypto exchange services under the supervision of the country’s regulators.
“The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well-regulated environment,” Richard Teng, the Head of MENA at Binance, said on Thursday.
