Binance Now Wins Regulatory Approval from France, Marking The First Major Achievement In Europe
Binance is Now a Fully Regulated Digital Asset Service Provider in France
Binance, a cryptocurrency exchange, has registered with France’s market regulator, according to Chief Executive Officer Changpeng Zhao (CZ), furthering the company’s aim to establish a European center in Paris.
Binance has been approved as a Digital Asset Service Provider (DASP) in France, which means it will be able to hold digital assets, enable their buy, sell, and exchange, and run a trading platform for them. According to a company blog post, this is its first such license in Europe.
This is the first Binance’s major European win after a lot of regulatory setbacks, and the leading crypto exchange is also pursuing registration in Switzerland, Sweden, Spain, the Netherlands, Portugal, and Austria, according to Binance France’s General Manager David Prinçay. The exchange was “not authorized to provide investment services and activities” in Italy, according to the country’s securities regulator, which declared in July. The leading cryptocurrency exchange lacks “the required legal registration” to provide services in the Netherlands, according to the Dutch central bank. The Financial Conduct Authority of the United Kingdom also slammed a never-launched U.K. subsidiary dubbed Binance Markets Limited.
Fortunately, in March, Binance received licenses from Dubai and Bahrain.
“When we first started, we wanted to embrace the decentralized philosophy of no offices, no headquarters, no corporate entities,” CZ said at the Financial Times’s Crypto and Digital Assets Summit in April. “As soon as you want to get licenses, you have to have the traditional structures, which we do now,” he added.
CZ described France as “very progressive” in adopting crypto.
“In our interactions with them, they are far more advanced in their understanding, and they’re also much more progressive in their attitudes,” he told CNBC, “France is a very strict regulator. But they have the advanced understandings to go with that.”
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