Markets regulator in France, Autorité des marchés financiers (AMF) has granted crypto exchange Binance approval to operate within the country.
Binance France has been registered as a “digital asset service provider” (DASP) by France’s markets regulator, AMF. The registration was accepted by the French banking authority ACPR.
As a result of the registration, France becomes the first major European country to officially permit Binance to function within its borders. Furthermore, Binance is the first major cryptocurrency exchange in France to be licensed as a DASP.
Binance and Regulatory issues
Binance was facing regulatory challenges around the world, but particularly in Europe, at this time last year. Last July, financial regulators made a point of warning consumers about the trade.
The exchange was “not permitted to provide investment services and operations” in Italy, according to the country’s securities commission, which was declared in July.
Binance lacked “the required legal registration” to conduct services in the Netherlands, according to the Dutch central bank. The Financial Conduct Authority of the United Kingdom slammed a never-launched U.K. subsidiary dubbed Binance Markets Limited.
Binance has typically chosen the latter, as their announcement of today’s news points out when given the choice between fighting regulatory headwinds and letting the breeze carry them.
“Binance has taken steps to assure compliance throughout the years, including expanding our worldwide compliance team and advisory board, as well as actively assisting in the fight against fraud and ransomware,” according to the press statement. “We are relieved that our efforts have been rewarded.”
“Effective regulation is important for the general acceptance of cryptocurrencies,” said Binance founder and CEO Changpeng Zhao. The French anti-money laundering measures, he said, are “strict” and “appropriate.”
