Crypto and blockchain infrastructure provider Binance has been granted a Digital Asset Service Provider (DASP) registration to operate in France.
‘Binance France SAS’ was today given the green light by Autorité des marchés financiers (AMF) which regulates the French financial markets, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) – the body responsible for supervising the banking and insurance sectors in France, especially AML Regulations.
The move represents Binance’s first DASP registration in the European Union.
The registration allows Binance France SAS to operate as a DASP in France and provides regulatory protection for local users with regards to the implementation of French AML/CFT and customer identification requirements.
According to Binance founder and CEO Changpeng ‘CZ’ Zhao, compliance and regulation are critical to the development and maturation of the crypto and blockchain industry.
“Effective regulation is essential for the mainstream adoption of cryptocurrency,” he said.
“The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.
“We are grateful to the AMF and ACPR who both demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process. Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France.”
David Princay, CEO of Binance France, said: “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.”
Following the registration, Binance will significantly expand its operations in France and initially intends to recruit up to 250 people focused on cryptocurrency and blockchain infrastructure development.
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