30 May Binance Scores Second European Regulatory Approval, This Time in Italy
The world’s largest digital asset exchange revealed that its Italian arm – Binance Italy – obtained regulatory approval to serve as a cryptocurrency service provider on local soil. As required by domestic law, the entity was registered with the “Organismo Agenti e Mediatori” (OAM).
Italy is the Next European Destination
At the beginning of the month, the French financial regulator – Autorité des Marchés Financiers (AMF) – greenlighted Binance to register as a trading platform in the country.
As a Digital Asset Service Provider (DASP), Binance said it will provide crypto trading and custody services for local users.
In a recent statement, the company disclosed it now has a second approval from another European nation – Italy. The entity will aid Binance’s expansion efforts in the Old Continent by opening new offices and hiring new employees.
Changpeng Zhao – CEO of the platform – thanked the Ministry of Economy and Finance and the OAM for letting his organization launch such an initiative.
“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,” he added.
It is worth mentioning that the exchange had some regulatory issues with several European legislators last summer. As such, it stopped providing futures and derivatives products in Italy, Germany, and the Netherlands. The endeavor was part of the firm’s longer-term strategy to “continually evaluate our products and work with our partners to meet our users’ needs.”
Binance Targets Germany, Too
A few weeks ago, CZ revealed that Europe’s largest economy – Germany – is another country where Binance seeks to obtain a license:
“Germany is an important market. We are building a compliance team and want to apply for a license.”
Not long ago, a Coincub survey determined that Germany is the most crypto-friendly nation in the world. The company emphasized the country’s decision to allow digital asset investments. One such example is Sparkasse’s (the largest financial group in Germany) intentions to offer crypto services to its nearly 50 million clients.
In addition, the German Ministry of Finance made certain amendments to its cryptocurrency policies. The officials announced that the sale of bitcoin and ether won’t be taxed if individuals hold the assets for more than 12 months.
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