Binance Becomes First Registered Digital Asset Service Provider in France

Binance France was recently granted as a “digital asset service provider” (DASP) by the Autorité des marchés financiers (AMF) — France’s counterpart to the U.S. Securities and Exchange Commission (SEC). The exchange’s registration was approved by the French Prudential Supervision and Resolution Authority, an independent administrative authority under the French central bank. This latest development marks France as the first major European country to allow Binance to operate within its jurisdiction. Alternatively, Binance has also become the first major crypto exchange to be licensed as a DASP within the country.

While Binance has had to deal with regulatory challenges — particularly in terms of jurisdiction — globally, Europe was among the regions that were most unwelcoming towards the exchange. Earlier in July, the Commissione Nazionale per le Società e la Borsa (CONSOB) — Italy’s securities regulator — deemed the platform as “not authorized to provide investment services and activities.” Similar sentiments were later echoed by the De Nederlandsche Bank — the central bank of the Netherlands — in August, which noted that Binance was lacking “the required legal registration” to offer its services in the country.

Despite these hurdles, however, Binance remains adamant about addressing any regulatory issues it may come across. “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,” explained the crypto exchange.

“Effective regulation is essential for the mainstream adoption of cryptocurrency,” added Binance founder and CEO Changpeng Zhao, who noted that the anti-money laundering regulations in France are particularly “stringent” and “proper.”

Source: Decrypt