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