Binance has received registration for operating in France as a Digital Asset Service Provider. It has been granted by Autorité des marchés financiers with approval from the Autorité de Contrôle Prudentiel et de Résolution to give a go-ahead to Binance France to conduct its business in the region.
Digital Asset Service Provider registration in France is a key milestone for the trading platform. The registration represents the first one in all of Europe, further demonstrating the commitment of Binance to be an exchange platform that prioritizes compliance above everything else.
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Changpeng Zhao, the Founder & Chief Executive Officer of Binance, called the recently received regulation an essential element for the mainstream adoption of cryptocurrency. The regulations put in place a more stringent policy to support anti-money laundering actions.
Requirement by Autorité des marchés financiers and the Autorité de Contrôle Prudentiel et de Résolution state certain high standards that are necessary to operate in France.
Changpeng Zhao said that Binance was grateful to authorities for showcasing their commitment to innovation, making it possible for the trading platform to navigate its way during the process. He reiterated that customers could trust Binance more as it was officially registered for DASP in France.
The regulations and approval will assist Binance in introducing services related to the education and trading of cryptocurrency to millions of customers.
David Princay, the Chief Executive Officer of Binance France, stated that receiving the registration was a key milestone, particularly in Europe. David Princay added that extra protection levels would help Binance facilitate the growth of cryptocurrency and bring higher liquidity to the market.
The Autorité des marchés financiers function to regulate the operations of the financial markets of France to ensure the spread of financial literacy among investors.
The Autorité de Contrôle Prudentiel et de Résolution monitors banks and insurance companies as an independent authority.
Binance, a Malta-based trading platform, was founded in 2017. Since its inception, the trading platform has prioritized the importance of regulations for the crypto market to grow. The native token of Binance is BNB, with more than a hundred digital currencies available on the platform for trade.
To build a healthy investment portfolio, traders get more than a hundred trading pairs to choose from. A trading fee of 0.1% is attracted while withdrawal fees remain dynamic.
Binance is now looking to significantly scale its operations throughout France to make its services and cryptocurrencies more accessible to customers. Moreover, Binance plans to expand its team in the time to come to pursue infrastructure development.