By Nathan Ferguson
As we know, the crypto exchange is trying to get traction in European countries. Recently, Binance made an announcement that their Italy-based legal unit had been registered by the regulators of the country. Binance is the largest crypto exchange in the world in terms of daily trading volume. Binance has registered with Organismo Agenti Mediatori as the digital assets service provider.
Organismo Agenti Mediatori is the regulatory agency of Italy responsible for keeping eyes on financial organizations’ listings. Recently, Binance got clearance to work in France, and its management had given a clue that they might set up European headquarter for the firm. The firm’s registration in Italy could enhance the accountability of the exchange and minimize the possibility of money laundering.
Binance Chief Executive Officer Changpeng stated that it’s very important to make fair and effective rules and regulations to adopt crypto. Additionally, he thanked the Economy and Finance Ministry of Italy and the OAM for making efforts to underscore and control important requirements to work in the country in complete transparency.
Binance joins 14 virtual assets operators that are registered with Organismo Agenti Mediatori, which supervises cryptocurrency operators in the country. The regulatory approval indicates a big achievement in the development master plan for a cryptocurrency exchange in Italy, and this will enable the company to increase its toehold in Italy by establishing offices and increasing native manpower.
France was the first EU country to register Binance that also wants registration in other European Union countries. In March, Binance got permission from Dubai, Abu Dhabi, and Bahrain. Binance received warnings from regulators of different countries like the UK and Germany; these countries claimed that the exchange was working without a permit in their territory. According to the Organismo Agenti Mediatori, nearly there’re 28 more operators have applied for pre-registration.
In Italy the previous year, there a survey was conducted that revealed a large number of participants were not interested in investing in crypto. According to Statista, approximately 4 out of 10 these polled showed interest in BTC, but they don’t know how to delve into it. According to the study of OAM, approximately 11% of respondents were unaware of crypto, while 64% answered that they’ve enough financial awareness and want to invest in crypto.