Saturday, March 25, 2023

Binance Gets Regulatory Approval In France, Seeks More Approvals In The Region

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Cryptocurrency exchange giant Binance has acquired regulatory approval in France, Chief Executive Officer Changpeng Zhao said in a tweet on Wednesday. The move cements Binance’s plan to make Paris its European base.

France’s Financial Markets Authority granted the crypto exchange a Digital Asset Service Provider registration, which is mandatory for an exchange to operate in the country.

The move marks Binance’s first regulatory win in Europe. In the UK, the Financial Conduct Authority prohibited Binance Markets Limited from operating there last June, stating that no other Binance entities were authorized either. 

During the past few months, Binance has expanded rapidly throughout the world, securing regulatory approvals from Bahrain, Dubai, and Abu Dhabi. However, it continues to face challenges in other countries such as Singapore, which recently adopted more stringent crypto regulations.

In Paris last month, Binance CEO Zhao announced the launch of a new accelerator program for Web3 startups. He also pledged €100 million to France last month and said he would put up €2 million for restoring a room at Chateau de Versailles. 

The French stock market watchdog AMF has now listed the company as a provider of digital asset services, enabling it to offer bitcoin and other cryptocurrencies trading and custody services.

Binance is the world’s largest crypto exchange. In a single day, CoinGecko says the company handles more than $14 billion in spot trading volumes and nearly $50 billion in derivatives volumes.

A Lithuanian anti-money laundering regulator supervises the company, and the company is also seeking registration with a Swedish financial watchdog.

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Michael Peres
Michael Peres
Michael Peres is a journalist, software engineer, radio host, founder, and traveler. Peres is the editor and chief at Peres Daily News and covers topics relating to entrepreneurship, politics, entertainment, and daily events. He currently resides in Seattle, Washington.
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