Binance licensed as digital asset provider in France

French banking regulator Autorité de contrôle prudentiel et de résolution (ACPR) has approved Binance as a registered digital asset provider (DASP) under the market regulator Autorité des marchés financiers (AMF)

France is the first European country to allow such operation from Binance, and the crypto exchange is the first licensed DASP in the country.

A statement from Binance today said: “Over the years, Binance has taken measures to ensure compliance, including growing our international compliance team and advisory board, as well as actively helping to fight fraud and ransomware. We are pleased that our efforts have paid off.”

Binance CEO Changpeng Zhao added: “Effective regulation is essential for the mainstream adoption of cryptocurrency”. He called the French anti-money laundering regulations “stringent” and “proper”.

Binance has struggle to secure licences to operate many jurisdictions around the world due to regulatory uncertainty. Countries in Europe were especially sceptical about the crypto exchange and the financial regulatory authorities issued warnings against the organization.

Several countries snubbed Binance, among them the Cayman Islands, who declared the company wasn’t licensed in its jurisdictions.

Italy announced it was unable to “provide authorization of abilities to provide investment services” and activities. The Dutch said the firm lacked “the required legal registration” and the UK's Financial Conduct Authority (FCA) said that Binance was “not capable” of being supervised.

In March, it was announced that Binance had ventured into the Middle East, gaining licences in both Bahrain and Dubai.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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