Binance France SAS has acquired the digital asset service provider (DASP) registration to operate in France by Autorité des marchés financiers (AMF). The DASP registration in the European Union highlights Binance’s vision of being a compliance-first exchange. As a part of the registration, Binance France SAS can operate as a DASP in France and provides regulatory protection for local users as per French AML/CFT and customer identification requirements. The registration is effective as of May 4, 2022.
Effective regulation is required for the mainstream adoption of cryptocurrency, Changpeng Zhao, founder and CEO, Binance, said. “The French DASP and AML/CFT regulations put in place anti-money laundering requirements necessary to be regulated in France. AMF and ACPR made it possible for Binance to navigate the entire application process. The crypto community can have confidence in Binance France as a DASP registered in France,” he added.
For David Princay, CEO, Binance France, the registration of Binance France as a DASP is a milestone for crypto in Europe. “In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Increased adoption will help bring better liquidity to the market which will be welcomed by users and the community in particular,” he stated.
As per the company, following the registration, Binance aims to expand its operations in France. Additionally, it intends to recruit around 250 people focused on cryptocurrency and blockchain infrastructure development.
Binance is a worldwide blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the cryptocurrency Bitcoin.