The Italian Branch of the Cryptocurrency Exchange Will Become Its Second European Business after Securing a Licence in France
Binance made a number of pushes on the Middle Eastern market before to the news about operating licences in France and Italy. In March, authorities in Bahrain and Dubai gave the exchange the go-ahead to operate, and in April, the firm received authority in principle to do business in Abu Dhabi.
Expanding into new markets is a key part of Binance's growth strategy, and Italy is a major market for the company. The approval from the Italian regulator is a major coup for Binance, and it will allow the company to tap into a new market. With Binance's expansion into Italy, the country is set to become a major hub for cryptocurrency trading. The move will also benefit the Italian economy by bringing new jobs and investment into the country.
As required by Italian law, the exchange's official blog revealed on Friday that Binance Italy has gained regulatory permission in the nation by registering as a Cryptocurrency Service Provider with Organismo Agenti e Mediatori (OAM).
CZ tweeted that:
Binance ottiene la registrazione in Italia
Translation: Binance obtains registration in Italy
Some of the benefits that Binance could potentially receive from expanding into Italy include:
• Access to a new market of potential customers
• Favorable tax laws and regulations
• A well-developed financial infrastructure
The registration permits Binance to provide crypto goods to Italian consumers in accordance with local legislation, as well as to create offices and grow its local staff. Changpeng "CZ" Zhao, co-founder and CEO of Binance, commended Italy's Ministry of Economy and Finance and the OAM for "defining and managing the required conditions to operate in Italy in complete transparency" in his statement.