French Financial Regulators Approve Binance as a Crypto Service Provider

Global crypto exchange Binance has announced that its domestic arm has been granted a Digital Asset Service Provider (DASP) registration by the French financial markets regulator and banking supervisor.

The nod from Autorité des marchés financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) came as Binance’s first approval as it expands into Europe. Meanwhile, Binance, which is the largest exchange by volume, is the first major global crypto exchange to set up shop in France.

David Princay, CEO of Binance France, commented: “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.”

Paris as the regional hub 

The company is set to turn Paris into its regional hub, with Changpeng Zhao (CZ), founder and CEO of Binance calling for “effective regulation” in the sector. He said, “They’re very strict, France is a very strict regulator. But they have the advanced understandings to go with that.”

And he also argued that “having a G-7 country with a strict regulator sends a very strong signal to the other countries”

In a keynote address at the Paris Blockchain Week Summit last month, the exchange had announced an investment of 100 million euros in Web3 startups in France. CZ had remarked, “I think France has one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”

Meanwhile, as Binance scales up operations in France, the company stated, “In line with our mission to be the infrastructure services provider for the blockchain ecosystem, we have plans to expand our team to pursue further infrastructure development.”

Binance expansion in full swing

In recent days, Binance has also received a green light from the regulators in Dubai, Abu Dhabi, and Bahrain as it simultaneously expands in the UAE region.

The global crypto exchange also recently released its Q1 financial results for the year, recording year-on-year growth in trading volumes.

According to Be[In]Crypto research, the trading volume of the biggest cryptocurrency exchange in the space during the first quarter of the year was approximately $5.54 trillion.