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France’s financial regulators have officially granted cryptocurrency exchange Binance approval to operate in France.
The move means Binance is now officially listed as a registered digital asset service provider by the French stock market watchdog AMF. This will enable the crypto trading giant to offer trading and custody services for Bitcoin, Ether, and several altcoins on its platform.
Binance is the largest crypto exchange globally. The cryptocurrency trading giant handles spot trading volumes of over $14 billion and close to $50 billion in derivatives volume daily.
Binance France’s CEO David Princay declared that the regulatory endorsement is a “key milestone for crypto in Europe”. He also noted that “The perception is changing. It allows us to move to a new phase, which is educating (the French public) to the blockchain.”
France is the first prominent European nation to give Binance the greenlight. The company’s operations in Lithuania are overseen by the nation’s anti-money laundering controllers.
Binance was originally founded in China in 2017 but with China’s massive crackdown on the crypto industry in the last few years, the company has since moved its business around.
The company takes pride in the fact that it has no official headquarters. However, it is in the process of making amends with regulators after a strong backlash last year from authorities in numerous countries most notably the U.K., Italy, and Singapore.
The UK’s Financial Conduct Authority prohibited Binance from operating in the country in June 2021 and warned the public against the use of cryptocurrencies and digital assets investments. The company received warnings from over a dozen national regulators in 2021 alone.
In April, Binance’s CEO and founder, Changpeng Zhao (famously known as CZ), declared the company’s plans to establish its European base in Paris. In his keynote to debut a new accelerator program for “Web3” start-ups, CZ also earmarked 100 million euros ($105 million) to be invested in France.
He described the country as being very progressive in its attitude toward crypto adoption. He further stated that the nation is “far more advanced in their understanding”. He noted that France is a very strict regulator but with an advanced understanding to go with it.
The company is also seeking registration with financial regulators in Switzerland, Sweden, Spain, Netherlands, Portugal, and Austria. Earlier this year, Binance gained licenses from Dubai and Bahrain.
Bullish news of Binance’s big win in Europe comes as crypto may be getting a boost across the Atlantic as well. California’s governor signed an executive order on crypto this week, aligning the state with recommendations put forward by the nation’s president Joe Biden earlier this year.