Crypto Giant Goes Deeper in Europe By Investing.com


© Reuters

Investing.com – The world’s largest digital asset exchange has revealed that its Italian branch – Binance Italy – has obtained regulatory approval to serve as a local cryptocurrency service provider. As required by national legislation, the entity has been registered with the “Organismo Agenti e Mediatori” (OAM).

Changpeng Zhao – CEO of the platform – thanked the Ministry of Economy and Finance and OAM for letting his organization launch such an initiative.

“Binance has always put its users first, and with actions such as setting up the ledger, they can be confident that our platform is among the most secure and trustworthy in the world.”

The European market in the viewfinder

Earlier this month, the French financial regulator – the Autorité des marchés financiers (AMF) – allowed Binance to register as a trading platform in the country.

As a Digital Asset Service Provider (DASP), Binance said it will provide cryptocurrency trading and custody services to local users.

It is worth mentioning that the exchange had some regulatory issues with several European regulators last summer. It therefore ceased to provide futures and derivatives products in Italy, Germany and the Netherlands. This move was part of the company’s longer-term strategy of “continually evaluating our products and working with our partners to meet the needs of our users.”

Germany would be the next target

A few weeks ago, the CEO revealed that Germany, Europe’s largest economy, would be the next country on the list.

“Germany is an important market. We are setting up a compliance team and want to apply for a license.”

Not long ago, a survey by Coincub determined that Germany is the most crypto-friendly nation in the world. The company highlighted the country’s decision to allow investments in digital assets. These include the intention of Sparkasse (Germany’s largest financial group) to offer crypto services to its nearly 50 million customers.

Additionally, the German Ministry of Finance has made some changes to its cryptocurrency policies. Officials announced that the sale of and will not be taxed if individuals hold these assets for more than 12 months.

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