UK markets open in 4 hours 35 minutes
  • NIKKEI 225

    26,542.45
    -262.15 (-0.98%)
     
  • HANG SENG

    21,927.28
    -69.61 (-0.32%)
     
  • CRUDE OIL

    109.95
    +0.17 (+0.15%)
     
  • GOLD FUTURES

    1,821.00
    +3.50 (+0.19%)
     
  • DOW

    31,029.31
    +82.32 (+0.27%)
     
  • BTC-GBP

    16,529.42
    -293.42 (-1.74%)
     
  • CMC Crypto 200

    430.53
    -9.14 (-2.08%)
     
  • ^IXIC

    11,177.89
    -3.65 (-0.03%)
     
  • ^FTAS

    4,019.53
    -15.71 (-0.39%)
     

Binance registers with Italy's regulator amid plans to expand in Europe

·1-min read
FILE PHOTO: Binance app is seen on a smartphone in this illustration

(Reuters) - Binance said on Friday its legal entity in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe.

The registration of Binance Italy, which was established in recent months, could potentially make the company more accountable and reduce the prospects for money laundering.

Binance said it could now open offices in Italy and expand the local team. The company is one of the 14 virtual asset operators to be registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.

The move comes almost a year after Binance was forced to dial back on its product offerings across Europe after coming under scrutiny from regulators. In Italy, the company had to wind down its futures and derivatives business.

Earlier this month, Binance's Chief Executive Officer Changpeng Zhao said the company had also registered with France's market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

(Reporting by Niket Nishant in Bengaluru and Maria Pia Quaglia in Milan; Editing by Amy Caren Daniel)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting