Binance Receives Approval as a Crypto Service Provider from French Financial Authorities
The French financial markets authority and banking supervisor have awarded Binance’s domestic branch a Digital Asset Service Provider (DASP) registration.
AMF and ACPR gave Binance its first European approvals as it continues to expand its operations throughout the continent. In the meanwhile, Binance, the world’s biggest crypto exchange by volume, has opened an office in France for the first time.
“The certification of Binance France as a DASP is a crucial milestone for crypto in Europe,” said David Princay, CEO of Binance France. Crypto usage in France and Europe is expected to rise as a result of increased AML protection. Market liquidity will improve as a result of increased adoption, which is welcomed by both users and community members.”
The regional node is in Paris
Binance CEO Changpeng Zhao (CZ) has called for “appropriate regulation” in the industry as the business prepares to open a regional centre in Paris. France has a reputation for being an overly rigid regulatory authority, to quote him. Then then, they’ve got the sophisticated knowledge to go with it.”
That’s not all: He also said that “having a G-7 nation with rigorous regulation sends a very powerful signal to the other countries.”
For the first time, the exchange announced a 100 million euro investment in French Web3 firms during the Paris Blockchain Week Summit last month. “I believe France is among the most innovative and open-minded administrations that might help build pro-crypto policies,” CZ had said before.
When it comes to expanding operations in France, Binance says it will “have plans to increase our team to pursue additional infrastructure development” in keeping with its objective to be a supplier of blockchain ecosystem infrastructure services.
The authorities in Dubai, Abu Dhabi, and Bahrain have given Binance the all-clear in recent days, as the company continues to develop in the UAE area.
For the first quarter of the year, the world’s largest crypto exchange reported a significant increase in trade volumes.
According to Be[In]Crypto study, the trading volume of the largest cryptocurrency exchange in the area was $5.54 trillion in the first quarter of the year.