Binance Bags Regulatory Approval From French Market Supervisors
Binance France is now a regulated entity with a Digital Asset Service Provider license
The move is part of the platform’s expansion efforts in Europe and on the global scene
France marks a key location for Binance as a G7 nation and a major player in Europe’s economy
CZ said a regional headquarter will be opened in the country
Binance now has approval from regulators in Europe and in the Middle East
The world’s largest cryptocurrency exchange by trading volume has received key regulatory approval from the top French market supervisor. Binance France can now operate as a registered Digital Asser Service Provider (DASP) within the country after securing a license on Wednesday.
According to the announcement, the platform has become the first heavyweight crypto exchange to gain approval from Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Autorité des marchés financiers (AMF), two of the top financial regulatory authorities in France.
Bonjour! @cz_binance has some fantastic news to share. #Binance is now a fully regulated digital asset service provider in France!🇫🇷 pic.twitter.com/W5DrhFqvjl— Binance (@binance) May 4, 2022
In addition, the crypto exchange giant plans to establish a regional headquarters in the country as part of its European expansion strategy.
CEO Changpeng Zhao stressed the importance of building a presence in France and leveraging its latest DASP license as a foothold in the region. CZ opined that bagging the regulatory nod from a G7 country with a strict market supervisor sends a strong signal to the other countries.
In the past, Binance has had its fair share of regulatory uncertainty in a number of jurisdictions. However, the crypto leader announced earlier in 2022 that plans were in motion to achieve compliance with policies across a plethora of locations.
Early adopters of cryptocurrency are OK with using a nonlicensed exchange offshore. But if we want to reach mass adoption, most of the mass users will prefer a licensed, regulated exchange.
When asked about France 🇫🇷, @cz_binance shares: “This is one of the first G7 countries that’s given #Binance regulatory approval, this opens doors for us to get more licenses in the region and elsewhere in the world” pic.twitter.com/DM9xNhq0O2— Binance (@binance) May 5, 2022
Binance Aggressively Expands Business Operations
CZ’s company has been the center of regulatory victories in recent months. The crypto exchange was approved by Emirati authorities to operate in Abu Dhabi, Bahrain, and Dubai as a virtual asset service provider (VASP).