Binance said that its legal entity in Italy had registered with the regulator in the country. This is because the major cryptocurrency exchange seeks to gain traction in Europe. The registration of Binance Italy, which was established in recent months.
This could potentially make the company more accountable and reduce the prospects for money laundering. Binance said that 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.
The move comes almost a year after Binance was forced to dial back on its product offerings across Europe. This is after coming under scrutiny from regulators. In Italy, the company had to wind down its futures and derivatives business.
Binance’s Chief Executive Officer Changpeng Zhao, last month said that the company had also registered with France’s market regulator. Binance is also seeking registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.