The largest cryptocurrency exchange by trading volume, Binance is now a registered institution in Italy.
Binance’s registration in the European country was announced in a press release published by OAM on Friday.
According to the statement, the exchange becomes the 14th registered operator for virtual currency-related transactions in the country.
Available platforms include: Young Platform, Tesora srl, Anubi Digital srl, CheckSig srl, Blockeras srl, Platypus srl, Cryptosmart srl, Conio srl, Bitpanda gmbh, Tinaba spa, Chainside, Cls srl and The Rock Trading srl.
“The other 28 operators also appear to have done pre-registration preparations for the application,” the statement pointed out.
The company’s CEO, Changpeng Zhao said that:
“Clear and efficient regulation is essential for crypto mainstream adoption… Binance always puts its users first, and with actions like rolling out the registry, they can be confident. that our platform is one of the most secure and trusted in the world.“
Notably, the approval will come in less than a year after Italian financial regulator CONSOB labeled its operations in the country as “illegal”.
Continuing to measure Binance Regulatory Compliance
The exchange has faced increased scrutiny from the regulator due to its lack of an official headquarters, but that situation looks set to change soon with some moves being made by the company Changpeng Zhao.
The official recognition of Binance as a registered entity in Italy was approved to operate in France last month.
Recall that after being licensed to operate in France, the country became the first major country in Europe to officially recognize the exchange platform.
The exchange also recently signed a memorandum of understanding with the authorities in Kazakhstan to help them develop a framework for crypto in the Asian country.
Data from CoinGecko indicates that the company oversees over $16 billion in spot trading volume and over $66 billion in derivatives trading over the past 24 hours.