Binance Seals Regulatory Approval in France

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Cryptocurrency exchange company Binance announced on Thursday that France’s Autorité des marchés financiers (AMF) granted the company its Digital Asset Service Provider (DASP) registration.

The registration granted, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), enables Binance to offer trading and custody services to cryptocurrencies in France.

The AMF regulates and safeguards the French financial markets and ensures financial literacy among investors while the ACPR is an independent authority monitoring banks and insurance companies in France.

“Compliance and regulation are critical factors for the success of the crypto and blockchain industry. Over the years, Binance has taken measures to ensure compliance, including growing our international compliance team and advisory board, as well as actively helping to fight fraud and ransomware. We are pleased that our efforts have paid off, and meet stringent French compliance standards to successfully obtain the DASP registration,” Binance’s announcement reads.

Meanwhile Changpeng Zhao, also known as CZ, founder and CEO of Binance, said that the company is planning to have its European base in Paris, the capital of France.

“Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France,” CZ added.

According to cryptocurrency data aggregator Coingecko, Binance is the top derivative exchange by open interest and trade volume, with around $63 billion 24-hour volume.

Last March, the company gained licenses from Dubai and Bahrain, and is applying for registration in Switzerland, Sweden, Spain, Netherlands, Portugal and Austria.

However, last year, a few national regulators, including those in Germany, Italy, and Britain, warned Binance for operating without license.

It is the first DASP of the company in Europe.

Binance is also operating in the country, and is known as the first digital wallet to create a local peer-to-peer market for Smooth Love Potion (SLP), the in-game token of blockchain game Axie Infinity.

The company has been looking for the position of “Country Director – Philippines” since March, it was previously held by Colin Goltra, who is now the COO of Yield Guild Games.

This article is published: Binance Seals Regulatory Approval in France

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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