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Binance Returns to Italy With Regulator Approval – Now What?

2 mins
Updated by David Thomas
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In Brief

  • Binance authorized to operate in Italy after ban last year.
  • The company requires a physical presence, and a commitment to anti-money laundering practices, amongst others.
  • Thirteen other crypto companies have also registered to operate in Italy.
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Binance returns to Italy after receiving regulatory approval for a local entity from Italian authorities, on Friday.

Last July, Italy banned Binance from offering services to users in the country, stating that the exchange was “not authorized to provide investment services and activities,” while also prohibiting the exchange from making its website available to people in Italy.

Binance, the world’s largest cryptocurrency exchange by trading volume is one of 14 virtual asset operators to be registered with Italy’s Organismo degli Agenti e dei Mediatori (OAM), which supervises crypto operators in Italy.

This news comes three weeks after receiving approval from the French government to also offer services in the country. Binance’s registration with Italian regulators also comes shortly after regulators released requirements for companies to be registered to establish a physical presence, and agree to comply with AML regulations.

With this new registration, Binance will now be able to resume offering crypto products in the country and open offices, the exchange said.

“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao (CZ) told Bloomberg.

Binance joins other registered exchanges in Italy

Binance joins 13 other crypto platforms currently registered with OAM, including Bitpanda, Young Platform, Tensora Srl, Blockeras Srl, and CryptoSmart Srl. The OAM also revealed that 28 other operators have embarked on an initial pre-registration application.

Registrations opened on May 16, granting applicants a 60-day window to file applications, which cost approximately $536 to file, as of press time. Upon approval, registered entities must submit quarterly reports to the OAM detailing their operations in Italy and send a summary of operations to each customer.

A recent OAM survey revealed that 11% of respondents (774 adults, male and female) did not know anything about cryptocurrencies – while 64% claimed they had “good financial knowledge” and a propensity to invest into crypto.

Expanding into Germany

Last week, Binance also announced its renewed attempts at pushing into Germany, following its approval from French regulators three weeks ago. The crypto exchange also recently received regulatory approval in Dubai, Abu Dhabi, and Bahrain.

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David Thomas
David Thomas, a seasoned electronic engineer with nine years of expertise, has built a distinguished career by combining his passion for writing with an in-depth understanding of...