Binance Registers Legal Entity in Italy Amid Global Expansion Plans

May 28, 2022

Reading Time: 2 minutes

However the challenges or criticisms, it is becoming clearer that crypto has come to stay; the largest cryptocurrency exchange by market volume, Binance, has gotten back to Italy after being registered as a legal entity in the country.

According to a tweet by Binance CEO Changpeng Zhao, who announced the regulatory approval of the company with Italy’s regulatory agency, Organismo Agenti e Mediatori (OAM), Binance is now registered in Italy.

“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” Binance CEO Changpeng Zhao, said in a statement. “We thank the 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.”

Some months back, CZ’s cryptocurrency exchange was tagged “unauthorized” by Italy’s financial regulator CONSOB; Binance was also prohibited from offering derivatives to Italian citizens in 2021.

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Binance relentlessly moving for global expansion

Amongst the leaders in the crypto community, Binance’s CEO has been so active, if not the most active, in pushing for the adoption of cryptocurrency globally. 

Binance moves so far have shown how practical the exchange has been towards its plans for global expansion.

Recently, Binance announced that it had secured the regulatory approval with the AMF in France; also, the CEO of Binance, in a recent interview, said his company is working hard to secure regulatory approval in Germany.

Earlier this month, Binance, amid its Middle East expansion, won a crypto license in Bahrain. 

Also, in April, the crypto giant company received in-principle approval to operate in Abu Dhabi.

With these Binance untired moves for global crypto expansion, do you think any crypto exchange can actually displace Binance from being the largest crypto exchange by trading volume any time soon? Share your thoughts by commenting below.

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