Binance Is Now a Fully Regulated Digital Asset Service Provider in Franceby Fintechnews Switzerland May 5, 2022
Binance announce that Binance France has been granted a Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
This milestone achievement represents Binance’s first DASP in Europe.
The AMF regulates and safeguards the French financial markets and ensures financial literacy among investors. The ACPR is an independent authority monitoring banks and insurance companies in France. With the approval and under the supervision of AMF and ACPR, this DASP registration will allow Binance France to operate in France.
Compliance and regulation are critical factors for the success of the crypto and blockchain industry. Over the years, Binance has taken measures to ensure compliance, including growing our international compliance team and advisory board, as well as actively helping to fight fraud and ransomware. We are pleased that our efforts have paid off, and meet stringent French compliance standards to successfully obtain the DASP registration.
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.
We are grateful to the AMF and ACPR, who 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.”
As the first major global crypto exchange to register in France, we will be able to bring cryptocurrency services and education to millions.
According to Binance Blog post, they plan to significantly scale operations in France. In line with their mission to be the infrastructure services provider for the blockchain ecosystem, they have plans to expand the team to pursue further infrastructure development.
Featured image credit: Edited from Unsplash