Crypto exchange Binance gets French regulatory nod in European push

Binance Holdings, the world’s largest cryptocurrency exchange by trading volume, has secured regulatory approval from the French government, boosting its operational plans across the European continent.

The exchange obtained a digital-asset service provider registration, the Paris-based markets authority AMF said on its website, confirming an earlier Bloomberg report. The regulatory nod will help boost the company’s ambitions in Europe and marks the exchange’s first major approval from a G-7 member nation.

Binance is now a fully regulated digital asset service provider in France | Binance Blog https://t.co/UNVuX0QyL9

— CZ ? Binance (@cz_binance) May 4, 2022

Bank of France Governor Francois Villeroy de Galhau had previously touted Binance’s interest in setting up a base in Paris, and the firm’s co-founder and chief executive officer Changpeng “CZ” Zhao lauded the country as one of the “pro-crypto” jurisdictions.

Last month, Zhao spoke at Paris Blockchain Week and Binance confirmed a EUR100m ($105m) investment into the nation’s blockchain ecosystem.

The approval in France is the latest sign that the world’s largest crypto firms are gaining momentum with regulatory bodies in certain strategic markets. In recent months, Binance has secured nods from Bahrain, Dubai and Abu Dhabi, while competitors FTX and Kraken got licences in Dubai and Abu Dhabi, respectively.

Even so, other jurisdictions like Singapore have clamped down with stricter crypto-licencing regimes, citing risks to retail investors as well as concerns that digital assets might be used for money laundering and terrorist financing.

Read: Binance receives in-principle approval from Abu Dhabi Global Market