Binance registers with Italy's regulator amid plans to expand in Europe

FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in Ta' Qali, Malta October 3, 2019. REUTERS/Darrin Zammit Lupi

Binance said on Friday its legal entity in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe.

The registration of Binance Italy, which was established in recent months, could potentially make the company more accountable and reduce the prospects for money laundering.

Binance said it could now open offices in Italy and expand the local team. The company is one of the 14 virtual asset operators to be registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.

The move comes almost a year after Binance was forced to dial back on its product offerings across Europe after coming under scrutiny from regulators. In Italy, the company had to wind down its futures and derivatives business.

Earlier this month, Binance‘s Chief Executive Officer Changpeng Zhao said the company had also registered with France’s market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

Reuters

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