Binance Gets Green Light from Italy Regulators

Friday, 27/05/2022 | 17:52 GMT by Felipe Erazo
  • Binance Italy applied for registration through the 'Organismo Agenti e Mediatori'.
  • Recently, the exchange received a Category 4 license as a crypto asset provider in Bahrain.
Binance logo
Binance logo

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.

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.

About the Author: Felipe Erazo
Felipe Erazo
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
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