One of the world’s largest cryptocurrency platforms, Binance has finally obtained the approval of French regulatory authorities after 18 months for Binance France. Binance has been offered a Digital Asset Service Provider (DASP) registration.
The registration has been provided by the Autorité des marchés financiers (AMF), which regulates and safeguards the French markets and promotes financial literacy among investors.
AMF provided this registration only after approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). ACPR is an independent body which monitors the banks and insurance companies in France.
Changpeng Zhao, founder and CEO of Binance, said, “We are grateful to the AMF and ACPR, who demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process.”
“Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France.”
The CEO has also previously said in an interview that the company would make Paris its regional hub for Europe.
This registration marks the first European DASP granted to Binance. The DASP was obtained only after complete compliance with stringent anti-money laundering rules and French regulations.
“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,” said David Princay, CEO of Binance France.
Binance has been operating world-wide since several years, however this approval allows the platform to advertise its services to the French public as well as facilitates its access to banks and payments services.
The news of this approval comes just days after CEO CZ pledged a €100 million commitment to make the country the “heart of the European crypto community”. The collaboration was announced at the Paris Blockchain Week Summit as part of a project which aims to grow the country’s crypto industry by supporting France’s Web3 scene.