The world’s largest cryptocurrency platform Binance has received regulatory approval to operate as a digital assets provider in France. This comes weeks after it received approval from Abu Dhabi regulators to operate digital assets and more than a month after receiving a crypto asset service provider license from Bahrain’s central bank, its first in the Gulf Cooperation Council (GCC).
Binance is now listed as a registered digital asset service provider by the Autorite des marches financiers – France’s stock market regulator. The approval received by the crypto giant allows it to be able to offer trading and custody services for cryptocurrencies such as Bitcoin.
Following the approval, France is Europe’s first major country to provide Binance with a friendly environment. French anti-money laundering regulators will be supervising the exchange platform in Lithuania.
Binance is also looking to gain approval from Swedish regulators, and a host of others in the future. Binance is looking to get into the good books of regulators after several challenges it faced with regulators in countries like Singapore, Italy, and the UK, in regards to its operations.
Binance’s founder and CEO Changpeng Zhao recently spoke at a crypto event that was held last month in Paris. The event was to debut a new accelerator program for startups in the web3 space. The company said it would be making an investment of 100 million euros in France. While speaking at this event, Zhao described France as very progressive in adopting cryptocurrencies.
He said that “In our interactions with them, they are far more advanced in their understanding, and they’re also much more progressive in their attitudes. They’re very strict, France is a very strict regulator. But they have the advanced understandings to go with that.”
Binance remains the world’s largest cryptocurrency exchange platform handling trading volumes of over $14 billion and derivatives of almost $50 billion on a daily basis, according to CoinGecko data.
The approval the company received in France is quite a breakthrough for Binance and this is expected to open more doors for the company.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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