Binance Successfully Registers as Digital Asset Provider in France

Sujha Sundararajan
2 min read
0

Key Insights:

  • France’s financial market watchdog AMF has granted Binance registration to provide crypto services.

  • The move advances CEO Changpeng Zhao’s statement to establish its European base in Paris.

  • France has become the first major EU nation to grant regulatory approval to Binance.

Binance (BNB), the largest crypto exchange by trading volume, is stepping its foot into a major European nation. The firm has recently been on a rapid global expansion spree, particularly in the Middle East, securing regulatory approvals from Bahrain, Dubai, and Abu Dhabi.

The cryptocurrency exchange has also faced various regulatory scrutiny across the globe. The platform has been subject to multiple rejections from regulators, for instance, in the UK.

Boosting Binance’s ambitions in Europe

France’s capital market regulator, Autorité des marchés financiers (AMF), has registered Binance France as a Digital Asset Service Provider (DASP). The move apparently marks the first regulatory nod for Binance from a major EU nation.

In a company announcement today, Binance said that it will be under the supervision of AMF and French Prudential Supervision and Resolution Authority (APCR), an independent authority monitoring banks and insurance companies in France.

France has taken anti-money laundering (AML) and fraud regulations very seriously, to “meet the high standards necessary to be regulated in France.”

The approval would help boost the company’s ambitions in Europe, particularly, Binance’s plans to make Paris its European base. The company’s CEO described France as “very progressive” in crypto adoption.

The registration of Binance France in the country has marked a key milestone for crypto in Europe. According to David Princay, CEO of Binance France:

“The new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.”

Binance is picking up a headquarters location

Previously, Binance took pride in stating that the company has no official headquarters. In a breakfast interview, CEO Zhao told Fortune that the company would “very soon” announce a “proper headquarters.” Zhao added:

“We’re not dodging anywhere. In fact, we’re engaging everywhere.”

After being blackballed from the UK, Ontario, Italy, and Japan, Binance has taken rejections seriously and is scaling up its operations in France, with plans to eventually expand its team, as well as presence across Europe.

In early November 2021, Binance announced an initiative dubbed Objective Moon, together with France Fintech to support crypto sector in the nation.

This article was originally posted on FX Empire

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