Binance plans to expand operations in Europe
Binance said on Friday that its legal entity in Italy had registered with the regulator in the country as the major cryptocurrency exchange tries to gain traction in Europe.
The registration of Binance Italy, which has come about in recent months, could potentially make the company more accountable and reduce the prospects 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 registered with the 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 call back on its product offerings across Europe after it came under regulatory scrutiny. In Italy, the company had to wind down its futures and derivatives activities.
Earlier this month, Binance’s Chief Executive Officer Changpeng Zhao said the company had also registered with the French market regulator. Binance is also looking for registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.
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