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Binance cryptocurrency exchange has just scored a big win as its Italian offshoot, dubbed Binance Italy, has received approval to operate in the country by the Organismo Agenti e Mediatori (OAM).
With the new license, Binance can now work, and offer its products and services to Italians, marking the firm’s gradual influence growth in the European Economic Area (EEA).
Back in 2021, several regulators around the world, including those from Italy warned Binance to stop offering exchange-related activities on their shores.
With the restrictions from regulators and watchdogs mounting massively, CEO, Changpeng Zhai, known on social media by ‘CZ’ changed the firm’s strategy which now prioritizes inking custom-made relationships with regulators in each region.
The approval of Binance Italy is a testament that the new model is working for the company as it has also received approvals from regulators in Dubai amongst others.
“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,” said CZ,
“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.
The emergence of Binance as a Digital Assets Service Provider in Italy has also been preceded by the ‘Yes’ the firm received from the AMF in France as well as from regulators in Bahrain.
One crucial way the exchange hopes to capture the hearts of regulators is by establishing a defined regional headquarters such that interactions with the firm will be easier for watchdogs as well as customers as a whole. In relation to this, the company has been sampling a lot of locations, including Dubai and Ireland, to establish its global headquarters.
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