Tech

France’s financial authority approves Binance’s registration as digital asset service provider

05/04/2022
Bitcoin Ethereum News

The Autorité des Marchés Financiers (AMF), France’s authority responsible for regulating the financial market, has granted Binance’s registration to provide crypto-related services in the country.

In a Wednesday update, the AMF included Binance France SAS in its list of registered digital asset service providers in France. The registration was a step toward allowing the crypto exchange to provide crypto-related services in France including custodying assets, exchanging digital assets for other tokens or legal tender, and operating a digital asset platform.

According to the AMF, registration requires checks to ensure “good repute and competence of the managers and beneficial owners” as well as compliance with regulations on anti-money laundering and combatting the financing of terrorism. Binance said in a Wednesday blog post it would “significantly scale” its operations in France following the registration approval, and planned to expand its team “to pursue further infrastructure development.”

“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,” said Binance CEO Changpeng Zhao, or CZ.

The move into France signaled Binance’s latest expansion of its global operations, having obtained in-principle approval to operate in Abu Dhabi in April. In March, regulators in the Middle East also gave the green light for the exchange to provide services in Bahrain and Dubai. The major crypto exchange has no formal headquarters at the time of publication, but was reportedly going to choose a location “very soon,” seemingly in an effort to appease regulators — many countries’ authorities have previously issued warnings saying Binance was not authorized to provide its services to residents.

Related: Globe-trotting Binance looks to Ireland for ‘centralized’ headquarters

In November, CZ announced the launch of a 100-million euro — $115 million at the time — initiative called “Objective Moon” to develop the blockchain and crypto ecosystem in France and Europe. During the Paris Blockchain Week Summit in April, the Binance CEO said France had “one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”