Prominent Exchange Binance Receives Regulatory Approval in Italy

  • The absence of an official headquarters has led to regulatory scrutiny of the exchange.
  • The exchange has inked a memorandum of understanding with the Kazakh government.

Binance, the world’s biggest cryptocurrency exchange by volume of transactions, is now a legally recognized organization in Italy. According to a news statement issued by OAM on Friday, Binance has been registered in the European jurisdiction in question. According to the announcement, the exchange platform is now the country’s fourteenth officially recognized operator for virtual currency transactions.

The firm’s CEO, Changpeng Zhao, said:

“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. 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.”

Global Expansion Plans

The absence of an official headquarters has led to greater regulatory scrutiny of the exchange, but Changpeng Zhao-led’s business seems to be taking measures to remedy that shortly.

Binance received formal registration as a legal business in Italy after its clearance to operate in France earlier this year. Remember that France became the first major European country to formally acknowledge the exchange platform when it was licensed to operate in the country.

To assist Kazakhstan in establishing a legal framework for cryptocurrency, the exchange has inked a memorandum of understanding with the Kazakh government. In the previous 24 hours, according to its data, CoinGecko has monitored spot trade volumes of over $16 billion and derivatives trading volumes of over $66 billion.

It has been less than a year since the financial watchdog CONSOB labeled the firm as “unauthorized/” and barred it from providing crypto services in Italy. Earlier this year, Binance was prohibited from making derivatives available to Italian residents.

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