By Chung YeeBSC News
Binance gets the regulatory nod to operate in France and CZ announces Paris as Binance’s European hub.
Licensed Crypto Platform Operator
Binance reached another major milestone after it received regulatory clearance from Autorité de Contrôle Prudentiel et de Résolution (ACPR) to be registered by Autorité Des Marchés Financiers (AMF) as a licensed Digital Asset Service Provider (DASP) in France.
ACPR is an independent authority that is tasked to monitor banks and insurance companies in France. The AMF on the other hand regulates and safeguards the French financial market and ensures financial literacy among investors.
Changpeng Zhao (CZ) the Chief Executive Officer (CEO) of Binance in the company’s May 5 blog said:
“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.”
With this registration, Binance has shown that its platform meets the stringent compliance standard set by the French regulators. Binance has successfully become the first major global crypto exchange to register in France.
David Princay, the Chief Executive Officer (CEO) of Binance France was quoted in Binance’s blog saying:
“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.”
Moving Forward
Apart from CZ’s announcement to make Paris its European hub, Binance in its blog post also maps out its path forward in France by prioritizing accessibility of crypto-related services to all. Binance France aims to be the infrastructure service provider for the blockchain ecosystem and efforts will be taken to expand the team to pursue infrastructure development.
With contingents and members in the European Union (EU) and its Central Bank wanting stricter regulation upon cryptocurrencies, Binance has taken a solid step in front of many of its rivals to work with the member states within the EU. Binance has long preached that onboarding the masses will take some capitulation towards centralization. France is a great place to start in Europe.
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