LBank Secures Virtual Asset Provider Registration in Italy
- Global crypto exchange LBank has registered as a Virtual Asset Provider with Italian regulator Organismo degli Agenti e dei Mediatori (OAM).
- The registration allows the exchange to provide services and products to Italian users, open offices in Italy, and expand its team.
- LBank joins a growing line-up of crypto exchanges who recently gained regulatory approval in Italy.
Regulation Requirements for Crypto Exchanges
In order to operate legally within the Italian market, all crypto exchanges must register as a Virtual Asset Provider with the OAM. This process requires the exchange to abide by certain industry standards such as anti-money laundering rules and full transparency. After officially registering on 18 May 2022, world’s largest crypto exchange Binance secured a spot just 9 days later. Other major players like Coinbase, Crypto.com, Bitstamp and BitMEX have also signed on since then.
Eric He’s Statement about Regulatory Approval
Eric He, co-founder and chairman of LBank expressed his gratitude for the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy. Moreover, he stated that this registration serves as an important milestone for their journey to gain regulatory approval from jurisdictions around the globe.
LBank’s Significance within Crypto Industry
With over 9 million users worldwide, LBank is one of the leading global blockchain asset trading platforms. It provides secure trading services across more than 90 countries around the world with features such as API trading interface support, margin trading capabilities and much more. The recent registration will now allow them to expand their reach even further into Europe with entry into Italy’s market.