Cryptocurrency exchange giant Binance (CRYPTO: BNB). CEO Changpeng Zhao said in a tweet Wednesday that he had obtained regulatory approval in France. This move solidifies Binance’s plans to make Paris a European hub.
The French Financial Markets Authority has allowed cryptocurrency exchanges to register as digital asset service providers. This is essential for the exchange to operate domestically.
This move marks Binance’s first regulatory victory in Europe. In the UK, the Financial Conduct Authority said it banned Binance Markets Limited from operating in June last year and that other Binance entities are not allowed.
Over the past few months, Binance has expanded rapidly around the world, ensuring regulatory approvals from Bahrain, Dubai and Abu Dhabi. However, other countries, such as Singapore, which have recently adopted stricter cryptographic regulations, continue to face challenges.
Last month in Paris, Binance CEO Zhao announced the launch of a new accelerator program for Web3 startups. He also promised France 100 million euros last month and said he would donate 2 million euros to restore the room in the Palace of Versailles.
French Stock Market Watchdog AMF is currently listing the company as a provider of digital asset services, enabling it to offer trading and custody services for Bitcoin and other cryptocurrencies.
Binance is the largest crypto exchange in the world. CoinGecko states that it handles over $ 14 billion in spot trading volumes and nearly $ 50 billion in derivative trading volumes per day.
The Lithuanian money laundering prevention regulator oversees the company, and the company also seeks registration with the Swedish financial oversight agency.
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