According to the statement made by France’s capital market regulator AMF (Autorité des Marchés financiers), the world’s largest cryptocurrency stock market Binance, Received regulatory approval in France.
Binance Achieves Its First License in Europe
Binance will now operate as a Digital Asset Service Provider (DASP) registered in France and will be allowed to hold digital assets. In addition, the exchange will be able to act as an intermediary in the buying, selling and clearing of crypto assets and act as a trading platform for these assets. According to the company’s blog post, Binance has managed to obtain such a license for the first time in Europe.
The company, which received provisional approval to operate in Abu Dhabi last month, continues to expand its global operations.
The world’s largest crypto exchange, which has never had a single headquarters due to its decentralized structure, does not quite match with supervisory institutions. Supervisors believe that this reduces accountability.
This concern by regulators peaked last year when a number of global institutions said that they did not allow cryptocurrency exchanges to operate in their markets.
The company was approved to operate in Bahrain, Abu Dhabi and Dubai in March and April.
The Company Abandoned Its Decentralized Structure
Binance founder Changpeng Zhao had the following to say on the subject in his speech at the Financial Times Crypto and Digital Assets Summit in April:
“When we first started this business, we wanted to adopt a decentralized philosophy with no offices, no decentralization and no corporate assets. But if you want to get a license, you have to have traditional structures, and we have that now.”
Binance has invested 100 million euros (US$108 million) in its operations in France, including a partnership with Station F, a Paris-based startup.
*Not investment advice.