As of Friday, Binance can legally offer its cryptocurrency-related services in Italy. The well-known exchange platform has indeed obtained its registration with the Organization of Agents and Mediators (OAM), allowing it to be regulated in the country.
The creation of the Binance Italy subsidiary
On Friday, the Organismo Agenti e Mediatori, translated as the Agents and Mediators Organisation (OAM), granted the Binance exchange its registration in Italy. In other words, the platform now officially has the status of a cryptocurrency service provider in the country through its new regulated subsidiary:
Ciao Italia! Binance is now a fully regulated Virtual Asset Service Provider in Italy Binance has been granted a Virtual Asset Service Provider registration by ‘Organismo per gli agenti e mediatori’ (OAM), which supervises crypto operators in Italy.
– Binance (@binance) May 27, 2022
After obtaining its registration as a digital asset service provider (DASP) earlier this month in France, Binance is doing the same in Italy. The registration allows the company to directly address the Italian market with its usual services such as exchange, custody as well as stacking of cryptocurrencies.
Changpeng Zhao (CZ), the CEO and founder of Binance expressed his gratitude to the local authorities:
“Clear and effective regulation is essential for the widespread adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and OAM for their efforts in defining and monitoring the requirements necessary to operate in Italy in a transparent manner. “
Moreover, we can also note that the Bitpanda platform also obtained its registration with the OAM on the same day.
An important compliance work
If we compare the current situation of the cryptocurrency exchange platform compared to last year, we see a complete reversal of the trend. Indeed, Binance was facing the wrath of regulators in 2021, and Italy itself was particularly hostile.
Since then, the company has done a lot of compliance work, first in the Arabian Peninsula in March with the licensing of the Central Bank of Bahrain, and more recently in Europe. With increasing pressure from regulators, this is a necessary task for the various platforms in the sector to face.
