French Financial Authority Approves Binance’s Registration as a Digital Asset Service Provider
The Autorité des marchés financiers (AMF), the French authority responsible for regulating the financial market, has granted Binance registration to provide crypto-related services in the country.
In an update on Wednesday, the AMF included Binance France SAS in its list of digital asset service providers registered in France. The registration was a step to allow the crypto exchange to provide crypto-related services in France, including asset custody, exchanging digital assets for other tokens or legal tender, and trading. operation of a digital asset platform.
According to the AMF, registration requires checks to ensure “the good repute and competence of the managers and beneficial owners” as well as compliance with the regulations relating to the fight against money laundering and the financing of terrorism. Binance said in a blog post on Wednesday that it will “significantly expand” its operations in France after registration approval, and plans to expand its team “to continue infrastructure development.”
“The French DASP and AML/CFT regulations have put in place strict anti-money laundering and fit and proper requirements to meet the high standards needed to be regulated in France,” said the Binance CEO, Changpeng “CZ” Zhao.
— CZ Binance (@cz_binance) May 4, 2022
The move to France marked Binance’s latest expansion of its global operations, after gaining approval in principle to operate in Abu Dhabi in April. In March, Middle Eastern regulators also gave the exchange the go-ahead to provide services in Bahrain and Dubai. The major crypto exchange has no official headquarters at press time, but it was set to pick a location “very soon”, apparently in a bid to appease regulators – authorities in many countries have already issued warnings saying that Binance was not allowed to provide its services to locals.
Related: Globetrotter Binance looks to Ireland for ‘centralized’ headquarters
In November, CZ announced the launch of a €100 million – $115 million at the time – initiative called “Objective Moon” to grow the blockchain and crypto ecosystem in France and Europe. At the Paris Blockchain Week Summit in April, Binance’s CEO said France had “one of the most progressive and open-minded governments that could help develop pro-crypto regulation.”