Binance will be recognized as Europe’s first digital asset service provider.
CZ also thanked AMF and ACPR for the smooth procedure.
As a virtual assets service provider, Binance, a worldwide cryptocurrency exchange, has been given the green light in France. An official from France’s capital market watchdog, the AMF, has confirmed the news in a report issued. Following the approval, Binance will be recognized as Europe’s first digital asset service provider and fully compliant exchange.
Conventional Approach
In accordance with French law, the AMF is tasked with overseeing financial market regulation and working to enhance investors’ financial literacy. Binance will be able to operate in France under the supervision and consent of the AMF. Having Binance approved as a digital asset custodian will facilitate the exchange of digital assets. Following Binance’s clearance in Dubai last month, this is the next logical step.
The CEO of Binance, Changpeng Zhao (CZ), said:
“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 also thanked AMF and ACPR for the smooth procedure that helped the firm get the clearance. At first, they planned to follow a decentralized model with no headquarters or offices, he stated. He went on to say that obtaining the necessary permits necessitates a more conventional approach.
One hundred million euros (US$108 million) has been invested in Binance’s activities in France. This includes a partnership with Station F, a Paris-based business incubator. Furthermore, it maintains offices in the United Kingdom, where the Financial Conduct Authority has said that it has no authority over the company. Binance will be forced to expand its operations in France as a result of the clearance, making it more widely available.