By Alicia Maher
Binance has continued to consolidate its dominance in the sphere of digital financial asset services as the leading service provider in the world. The crypto exchange has revealed that it would keep scaling its operations following official recognition from the French authorities.
France’s government agency responsible for regulating the activities of the financial market has given its approval to Binance following the latter’s application to provide crypto-related services in France.
Binance France Registered
On Wednesday, Binance was included in the latest update of registered digital financial service providers in France, released by the French financial regulating agency.
The approval is considered a step forward for the crypto exchange, which has set its sights on providing various crypto services and products to the French market. Some of the services the popular exchange plans to offer include asset custody, digital asset exchange, and digital asset operations.
The watchdog for the French financial sector, AMF, revealed that registration is done after checks have been carried out to ensure that only firms with the required competence can operate in the French market.
Additionally, the agency noted that asset managers must abide by the existing money laundering regulations and combat other financial crimes. The French regulatory body is poised to ensure compliance with laws from all service providers, irrespective of their standing, and it will leave no room for non-compliance.
Binance’s CEO, Changpeng Zhao, further noted that Binance had been a law-compliant organization. It is well conversant with the laid down rules that the AMF has toward ensuring high standards and proper service delivery.
As the largest crypto exchange globally, Binance has no known headquarters, which has been one of the major reasons regulators from different countries are using to deny the company official approval. For example, the United Kingdom has several issues with the crypto exchange, which led to the exchange pulling out of Britain.
However, the company has decided to do the needful by following regulatory requirements and establishing its European pioneer office in France in the coming weeks.
The latest development made France the first country in Europe to give Binance official approval to begin operations.
Binance’s Eye Further Expansion
The move into the French territory is believed to be a signal for further expansion of the popular crypto exchange firm in the world following the provisional approval it obtained in Abu Dhabi last month.
The Middle East has been the next destination Binance has been working on for the past couple of weeks after obtaining regulatory approval to provide crypto-related services in Bahrain and Abu Dhabi.
However, regulators are keen on seeing the headquarters of the crypto service provider, which the company has been working on to appease regulators who remain unconvinced about their activities.
Meanwhile, many regulatory bodies in several countries have issued a stern warning to Binance about providing services to its citizens because it has not been approved to do so in the first place.