Binance registered legal entity in Italy amid the European Expansion plans, after it secured regulatory approval in France so let’s read more today in our latest Binance news.
The crypto exchange Binance registered legal entity in Italy as a virtual asset service provider with the regulatory agency in the country Organisimo Agenti e Mediatori which is responsible for managing the lists of financial agents. Binance CEO Changpeng Zhao added:
“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. We thank the Ministry of Economy and Finance and the OAM for their efforts in defining and controlling the necessary requirements to operate in Italy in full transparency.”
The company can offer crypto services in Italy less than a year after being labeled as unauthorized but the financial regulators CONSOB and Binance were prevented from offering derivatives to the Italian citizens last year. The move came weeks after Binance continued its global expansion and secured approval with the AMF in France but also got licenses in Dubai and Bahrain.
As recently reported, The world’s biggest exchange Binance added support for Layer-2 Ethereum scaling solution Optimism and because of it, the exchange will only support deposits at this time while withdrawals are not available until the exchange achieves optimal liquidity. Optimism is a layer-2 scaling solution for ETH that is aimed at helping reduce costs and to improve transaction speeds as an Achilles heel for most blockchain networks.
So far, Ethereum became the main hub for various DEFI and NFT activities, and the costs on the network surged amid the market volatility with the popular NFT drops or due to the emergence of a new yield farm. Scaling solutions such as Optimism, Polygon, and Arbitrum all emerged to solve these issues precisely. The costs associated with blockchain transactions are the cost of processing and storing information so these solutions move the activity away from the mainnet and once the series of the transactions of operations are concluded, the results of the activities are sent and secured on the mainnet.
The dozens of open positions on Binance and Binance US suggest the company only aims to strengthen the legal team amidst the growing uncertainty caused by the bearish run across cryptocurrencies in the past weeks. The legal team is looking to shore up the defenses in case of possible inquiries from regulatory bodies. As binance opens new positions, it can only be an indicator of the company’s planning to boost efforts at securing a more significant market share across EMEA and the APJ Markets.
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