Binance gets approval to operate in Italy, will open office in Milan

One of the world’s biggest cryptocurrency exchanges, Binance, strengthened its European presence by obtaining registration and regulatory approval in Italy. A Binance company had previously registered to operate in France at the beginning of May. 

On Friday, the exchange’s official blog reported that Binance Italy has received regulatory approval in the country through registration as a Cryptocurrency Service Provider with Organismo Agenti e Mediatori (OAM), as required by Italian legislation.

The registration allows Binance to offer crypto products to its customers in Italy in compliance with local regulations as well as to open offices and expand the local team. In his statement, Binance co-founder and CEO Changpeng “CZ” Zhao thanked Italy’s 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.”

The cryptocurrency exchange's Italian branch will become its second European operation after obtaining a license in France.