French Financial Regulators Approve Binance as a Crypto Service Provider, Changpeng Zhao’s European plans promoted

Global crypto exchange Binance has announced that its domestic arm has been granted a Digital Asset Service Provider (DASP) registration by the French financial markets regulator and banking supervisor. Binance gets approved in France as it promises to make Paris Europe’s “Crypto Hub.”Changpeng Zhao comments on the news. The crypto community is still questioning Binance’s choice.

Changpeng Zhao, also known as CZ, Binance’s founder and chief executive, said in an interview:

Early adopters of cryptocurrency are OK with using an unlicensed exchange offshore. But if we want to reach mass adoption, most of the mass users will prefer a licensed, regulated exchange. Zhao shared the news in a tweet on Binance’s official Twitter:

Binance, the world’s largest exchange, has set foot in Paris, promising to make it the European crypto hub after establishing itself in the MENA region. The commitment came after the French financial markets regulator granted the corporation formal permission to offer and market its services to local customers.

Binance’s step into Paris is deemed by the company as a big move to establish itself and the crypto industry in Europe. However, it is undeniable that the continent is still behind crypto adoption. According to a survey by Gemini, Europe is lagging by 23% behind the global average.

When asked about France, CZshares: “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”, the latest tweet of Binance about this announcement.

Binance received its first approval from the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as it expands into Europe. Meanwhile, Binance, the world’s largest exchange by volume, has become the first major global crypto exchange to open a branch in France.

“The registration of Binance France as a DASP is a crucial milestone for crypto in Europe,” said David Princay, CEO of Binance France. The additional levels of AML protection, in particular, will aid in the growth of crypto use in France and Europe. Increased adoption will assist to improve market liquidity, which will be welcomed by users and the community in particular.”

In a keynote address at the Paris Blockchain Week Summit last month, the exchange had announced an investment of 100 million euros in Web3 startups in France. CZ had remarked, “I think France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”

Along with these realities, there is the Ukrainian issue, the tension between some countries, and the financial status of some nations to stand up to aggressors, despite the fact that Europe is a united continent.

Binance has recently gained approval from regulators in Dubai, Abu Dhabi, and Bahrain as it continues to develop in the UAE region.

Meanwhile, Dubai is already on its way to becoming a crypto-adoption leader, and Bahrain has granted Binance a crypto-asset service provider license. Cryptocurrencies have already been adopted by a large number of countries. Will the Binance development assist Europe is catching up?

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