According to a tweet from Binance CEO Changpeng Zhao, the company is regulated in Italy. CZ broke the news to his nearly 6 million Twitter followers on Friday, citing an official press statement from Italy's Organismo Agenti E Mediatori (OAM).
After a successful registration with Italy's financial watchdogs, the company is the first major crypto exchange to open up in the country and offers its services as a virtual asset service provider (VASP) in the G7 nation.
Following regulatory examination, CZ's platform withdrew from Italy and other significant European markets such as Germany and the Netherlands.
As part of its development into European markets and the Middle East, the corporation has publicly stated its aim to improve regulatory compliance.
According to EWN, the CZ exchange received authorization from French market regulators. The exchange announced the creation of a €100 million fund to support French innovators and the country's developing Web3 ecosystem.
CZ also revealed that as part of its European expansion, it was looking to secure a crypto license in Germany during the Finance FWD conference earlier this month.
With crypto permits from regulators in Abu Dhabi, Bahrain, and Dubai, the massive exchange now has a presence in the Middle East.
Binance was the first digital asset exchange to be granted a category four crypto asset service license by Bahrain's central bank, according to EWN.
CZ also announced a cooperation between Binance Pay and JA Hotels on Friday.