Crypto exchange to set up a subsidiary in Italy
Three weeks after gaining approval from the French government, Binance Holdings Ltd. gained regulatory approval for a local firm from the Italian authorities.
The Organismo Degli Agenti e Die Mediatori (OAM), which regulates cryptocurrency exchanges in Italy, has registered 14 virtual asset operators.
Binance Receives Approvals from France, Bahrain, Dubai and Abu Dhabi
The clearance is an indication that the world’s leading cryptocurrency companies are gaining traction with regulators in key areas.
“For the widespread acceptance of cryptocurrencies, clear and effective regulation is vital,” wrote Binance co-founder and CEO Changpeng.
Other governments, like Singapore, have tightened cryptocurrency licensing regimes, citing hazards to ordinary investors as well as fears that digital assets could be used for money laundering and terrorist financing.