Binance Twitter handle shared that the exchange has been welcomed by the financial authorities in France
Binance is still going strong.
France opens its doors to Binance’s services
Binance has been registered as a “digital asset service provider (DASP)” by France’s market regulator, AMF (similar to the Securities and Exchange Commission in the United States). The registration was accepted by the French banking authority, the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
As a result of the registration, France becomes the first major European country to officially permit Binance to function within its borders. Moreover, Binance becomes the first major cryptocurrency exchange to be licensed as a DASP in France.
When given the choice between fighting regulatory headwinds and letting the breeze carry them, Binance has typically chosen the latter, as their announcement of today’s news points out.
Excerpts of the announcement read,
“We will now significantly expand our operations in France, with the intention to recruit up to 250 people focused on crypto and blockchain infrastructure development in the country, making France one of our regional HQs around the globe.”— Binance
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.
“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.”— Changpeng Zhao, Binance Founder and CEO
Binance founder and CEO Changpeng Zhao added: “Effective regulation is essential for the mainstream adoption of cryptocurrency.” He called the French anti-money laundering regulations “stringent” and “proper.”