Crypto exchange platform Binance has been eyeing an entry to Europe for quite some time now and, while it has courted controversy in recent months, the company‘s European aspirations have taken a significant step forward after it was granted regulatory approval to operate in France this week.
The approval comes via the Autorité de Contrôle Prudentiel et de Résolution (ACPR), with Binance now registered as a Digital Assets Service Provider (DASP) by the Autorité des marchés financiers (AMF).
“The AMF regulates and safeguards the French financial markets and ensures financial literacy among investors. The ACPR is an independent authority monitoring banks and insurance companies in France. With the approval and under the supervision of AMF and ACPR, this DASP registration will allow Binance France to operate in France,” the company highlighted in a blog post.
“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,” added Changpeng Zhao, founder and CEO of Binance.
For now it remains to be seen if other European regulators will be willing to register Binance as a DASP, but it looks like the crypto exchange is willing to invest heavily in order to win over other parts of the EU, with the company noting in November last year that it plans to invest €100 million in blockchain technologies in the region.
“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular,” added David Princay, CEO of Binance France, regarding this week’s registration.
Binance is now the first major crypto exchange, in terms of volume, to be registered in France.
[Image – Photo by Rafael Garcin on Unsplash]
