After winning regulatory approval in France, crypto exchange Binance may be setting its sights on Italy next.
CEO Changpeng “CZ” Zhao recently met several notable Italian politicians, including former Prime Minister Giuseppe Conte. The meeting was with the 5 Star Movement, a popular Italian political party that is pushing for more digital technology adoption in the country.
Binance looking at Italy next in Europe push?
CZ’s meeting with major Italian politicians could hint that Binance plans to lobby for Italian regulatory approval. The meeting also took place at The Ministry of Foreign Affairs and International Cooperation in Rome- an official government venue.
Comments from Conte suggest the meeting was also to give the government insight into crypto and web3 technology- indicating that more regulation from Rome could be on the way.
Currently, Italy has scant regulations on crypto and taxation on the space. Italy’s legal system still does not include a general definition of cryptocurrencies. But the country’s courts recognize some tokens as “financial instruments.”
Binance’s foray back into Italy also comes a year after Italy’s market watchdog said it was unauthorized to operate in the country. But this could change with more lobbying efforts by the exchange.
Currently, Binance and several other crypto exchanges offer their services to Italians. But they have no official presence in the country.
France to serve as launchpad for European expansion
Binance recently won full regulatory approval in France, which will see the exchange establish its European headquarters in Paris. The exchange intends to branch out into Europe through France.
But it still faces scrutiny from several countries. Spain, for instance, recently asked the exchange to cease offering crypto derivatives in the country.
The European Parliament is also adopting a cautious stance to crypto adoption. The bloc recently passed a law that will crack down heavily on decentralized wallets. Several politicians also regard crypto as a festering ground for money laundering.