As the largest cryptocurrency exchange attempts to gain ground in Europe, Binance announced on Friday that its legal company in Italy had approved with the country’s authority.
Binance Italy’s latest registration could help the firm more traceable and lower the likelihood of money laundering.
Binance announced that it would now be able to create locations in Italy and increase its team there. The company is one of 14 virtual asset operators that have established with the Organismo degli Agenti e dei Mediatori (OAM), the Italian regulatory body that oversees the crypto industry.
Binance was obliged to scale back its product offers in Europe about a year ago after regulators scrutinized the company. The corporation had to shut down its trades and derivatives business in Italy.
Binance’s CEO Changpeng Zhao announced earlier this month that the company had also established with France’s market authority. Binance also wants to be registered in Switzerland, Sweden, Spain, the Netherlands, Portugal, and Austria.