Binance Secures License from France as Digital Assets Services Provider

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Last Updated on 5 May 2022 by CryptoTips.eu

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After a long tussle, Binance has finally secured regulatory approval from the French government to operate as a digital asset services provider in the country. French stock market regulator AMF, now recognizes Binance as a digital assets services provider after the top exchange met all the conditions for such approval.

Binance has had a tough time penetrating the European market due to regulatory challenges. No major European country has granted it full regulatory license to operate in the region until now, which makes France the first to issue such a license. As a result, the country is also now the European operational base for the exchange.

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Binance reaches key milestone

Binance has a lot going for it. It is the largest cryptocurrency exchange by trading volume, a title it has held for a long time and also one of the fastest growing. However, getting a digital asset license from the French government is a major milestone in its developmental strides.

The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.

David Princay, CEO of Binance France said.

The exchange had considered locating its global headquarters in France but due to the resistance at the time, such hopes were dashed. As a result, there is speculation that the global headquarters may now be located in Dubai seeing the CEO of Binance Changpeng Zhao have even bought his first home in the city.

With this approval, there may be a chance to reconsider making France not just the European headquarters but also the world headquarters. This is suggested by Zhao’s comment concerning the country in a recent statement.

In our interactions with them, they are far more advanced in their understanding, and they’re also much more progressive in their attitudes. France is a very strict regulator. But they have the advanced understanding to go with that.

He said.

Binance breaking new grounds

Binance has been pursuing expansion into new territories recently. The exchange earlier this year entered into partnership with one Gulf Energy to secure an operational license in Thailand.

Like France, Thailand has a large and growing market for cryptocurrencies and Binance wants to harness it for the expansion of crypto adoption.

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