Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, has received regulatory approval from the French government, paving the way for the company’s expansion plans across Europe.
The Paris-based markets regulator AMF announced on its website that Binance has secured a digital-asset service provider registration, confirming recent reports. The regulatory approval will boost the company’s European plans, and it is the exchange’s first important approval from a G-7 member country.
Binance co-founder and CEO Changpeng “CZ” Zhao praised the country as one of the “pro-crypto” jurisdictions, and Bank of France Governor Francois Villeroy de Galhau had earlier lauded the firm’s interest in establishing a base in Paris.
When asked about France ??, @cz_binance shares:
“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” pic.twitter.com/DM9xNhq0O2
— Binance (@binance) May 5, 2022
He talked at Paris Blockchain Week last month, and Binance announced a $100 million investment in the country’s blockchain industry. The firm announced that Paris would be its European hub, with up to 250 individuals working on crypto and blockchain infrastructure development initiatives.
The permission in France is the latest indicator that the world’s biggest cryptocurrency companies are gaining traction with regulators in key nations. Binance has received licenses from Bahrain, Dubai, and Abu Dhabi in recent months, while FTX and Kraken have received licenses from Dubai and Abu Dhabi, accordingly.
Nonetheless, some governments, including Singapore, have imposed harsher crypto-licensing regulations, alleging threats to individual investors and fears that digital assets might be used for money laundering and terrorist funding.
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