Binance Wins First European Regulatory Approval In France

Twitter icon  •  Published 1年前  •  Mark Weaden

With the mainstream adoption of cryptocurrency continuing to increase, one of the industry’s biggest only exchanges Binance has scored the first European regulatory approval in France

With the mainstream adoption of cryptocurrency continuing to increase, one of the industry’s biggest only exchanges Binance has scored the first European regulatory approval in France. The acceptance from France is a huge milestone for the industry as a whole, not least for the Chinese-based exchange. 

According to a Binance blog post published on May 4th, 2022, the crypto exchange and NFT marketplace are officially registered in France. We can expect to see a similar pattern in other European nations, though time will tell. 

What Does The Approval Mean?

Binance, the leading cryptocurrency exchange by trading volume, is delighted to receive permission to open its operations in France, under French regulators monitoring the digital asset trading platform in the country. 

The platform is now registered as a Digital Asset Service Provider (DASP) in France, which is the country’s stock market regulator, more formally known as the Autorité des marchés financiers (AMF). On top of that, binance managed to secure approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). 

Regulation regarding crypto has slowly become more stringent in recent years, in tandem with the steady increase in adoption. However, Binance managed to fulfil the strict requirements from French regulators, allowing the platform to offer crypto trending and custody services in the country. 

Previous Issues For Binance In Europe

Getting regulatory approval has been a real challenge for all cryptocurrency platforms. Notably for Binance, when back in June 2021, the British government banned UK-based customers from accessing the Binance services. 

However, now with the approval from the French government, things are looking up. The CEO of Binance, Changpeng Zhao, had this to say “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.”

While it’s too early to speculate, as one of the leading nations in Europe, and indeed the West, the approval for Binance to become a regulated operator may see other nations in the Western world following suit.

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.