Friday, July 1, 2022
Friday, July 1, 2022
Home cryptocurrencies Binance becomes regulated Digital Asset Service Provider in France

Binance becomes regulated Digital Asset Service Provider in France

by Ronald Bwire
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Binance, the crypto and blockchain infrastructure provider, has announced that its subsidiary Binance France SAS has been granted a Digital Asset Service Provider (DASP) registration to operate in France by Autorité des marchés financiers (AMF), a landmark achievement for Binance as its first DASP registration in the EU.

Not only is the registration a demonstration of its commitment to being a compliance-first exchange, it also 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 critical to the development and maturation of the crypto and blockchain industry.

In a statement, Changpeng Zhao (CZ), Founder and CEO of Binance said: “Effective regulation is essential for the mainstream adoption of cryptocurrency. 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.”

CZ added: “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.”

AMF regulates the French financial markets, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority responsible for supervising the banking and insurance sectors in France, especially AML Regulations.

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.

David Princay, CEO 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.”

Recently, Binance Labs, the venture capital and incubation arm of Binance, announced its Season 4 of its global Incubation Program supporting promising projects in the blockchain space. Over 500 projects applied, and Binance Labs selected fourteen that demonstrated the most potential and best fit for the program.

For the past 3 seasons of the Incubation Program, Binance Labs has incubated numerous market-leading crypto platforms and protocols such as Polygon, Perpetual Protocol, Injective Protocol, SafePal, Cere Network, and Dune Analytics.

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