Binance said it would “significantly scale” its operations in France following the registration approval, and planned to expand its team “to pursue additional infrastructure development.”
The Autorité des Marchés Financiers (AMF), France’s authority chargeable for regulation the monetary market, has granted Binance’s registration to supply crypto-related services within the country.
In a Wednesday update, the AMF included Binance France SAS in its list of registered digital asset service suppliers in France. The registration was a step toward allowing the crypto exchange to supply crypto-related services in France including custodying assets, exchanging digital assets for other tokens or legal tender, and operating a digital asset platform.
According to the AMF, registration needs checks to confirm “good repute and competency of the managers and helpful owners” moreover as compliance with rules on anti-money washing and combatting the finance of coercion. Binance said in a Wednesday blog post it'd “significantly scale” its operations in France following the registration approval, and planned to expand its team “to pursue further infrastructure development.”
“The French DASP and AML/CFT regulations put in situ stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France,” said Binance CEO Changpeng Zhao, or CZ.
The move into France signaled Binance’s latest expansion of its world operations, having obtained in-principle approval to operate in Abu Dhabi in April. In March, regulators within the Middle East conjointly gave the green light-weight for the exchange to supply services in Bahrain and city. the foremost crypto exchange has no formal headquarters at the time of publication, but was reportedly going to select a location “very before long,” seemingly in a shot to appease regulators — several countries’ authorities have previously issued warnings saying Binance was not authorized to provide its services to residents.
( Turner Wright, Cointelegraph, 2022 )