Leading global cryptocurrency exchange Binance has gotten authorisation from the French Financial Service Coordinator, Autorité des marchés financiers (AMF), according to a Wednesday release from the financial market watchdog.
Binance Bags First European License
As a registered Digital Asset Service Provider (DASP), Binance can now purchase, sell and trade such assets as well as operate a trading platform in the country.
The AMF license marks the exchange’s first in Europe as it continues to expand across different regions, which aligns with its mission to increase crypto awareness and promote adoption.
Binance Invests in France
The latest milestone does not come as a surprise as the company’s CEO previously hinted that Binance is in the process of securing an operational license in France.
During the just-concluded Blockchain conference in France, Binance founder and CEO Changpeng Zhao (CZ) pledged to invest $108 million in the country while applauding the nation’s effort towards crypto regulation.
The exchange also secured a partnership with Paris-based startup incubator Station F to support web3 startups in France.
To further strengthen its foothold in the country, CZ also agreed to provide $2.1 million for the renovation of a room in the popular Château de Versailles, a home of historic events.
Binance Expansion Move
According to CZ, the exchange has always frowned against having a single headquarters due to its decentralized principles. This notion, however, does not sit well with global regulators, which resulted in a series of backlash last year.
Some regulators warned investors to stay off Binance with the claims that some of its products are not registered and the exchange also provides offerings in unauthorized jurisdictions.
Since then, the company, which is currently valued at $4.5 billion, has been pushing to make amends with regulators around the world. Earlier in February, Binance secured two operational licenses in the Middle East region to offer its products and services.
The company is also making efforts to expand its services to the Brazilian market. The CEO said that the exchange is making plans to purchase banks and payment processors in the country.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!