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French regulators have granted the crypto exchange Binance to operate in the country. This allows the company to offer custodial services for digital currencies such as Bitcoin (BTC) and Ether (ETH), and facilitate the sale, purchase, and exchange of digital assets in France.
The crypto exchange is now listed as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF), the French stock exchange watchdog. This allows the company to start offering its trading and custody services for Bitcoin and other cryptos, according to CNBC.
“We are excited to announce that Binance France has been granted a Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR),” Binance said in a blog post. “This milestone achievement represents Binance’s first DASP in Europe and demonstrates our commitment to being a compliance-first exchange.”
With the crypto exchange’s registration as a DASP, France became the first major European nation to give Binance the greenlight. The company is also currently in the process of registration in Switzerland.
Previously, Binance has no official headquarters due to the decentralized nature of cryptocurrencies. However, regulators viewed this as lacking accountability and the company received warnings from several regulatory bodies last year saying that Binance is not authorized to operate in their jurisdictions. In addition, the company also announced last month of its plans of making Paris its European base.
Since then, the crypto firm has set up its own international compliance team and advisory board to ensure compliance with regulatory requirements with different regulatory requirements in the jurisdictions where it operates. This allowed Binance to meet stringent French compliance standards and complete its DASP registration.
“Effective regulation is essential for the mainstream adoption of cryptocurrency,” Changpeng Zhao (CZ), founder and CEO of Binance, said. “The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.”
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