Binance has been given the authorization to offer cryptocurrency-related services in France by the Autorité des Marchés Financiers (AMF), France's monetary system regulator.
A computer system, rather than a central government, maintains and updates a common record of information known as the blockchain. The mechanism is used in prominent cryptocurrencies like bitcoin.
Binance France SAS was added to the AMF's roster of licensed digital currency service operators in France in yesterday's update.
The licensing was a step toward permitting the cryptocurrency exchange to perform crypto-related services in France, such as asset holding, digital asset trading for other tokens or legal currency, and digital asset system operation.
The authorization with the agency, AMF, is a "true mark of quality," according to Binance France's Director General David Prinçay.
Binance France is actively seeking legal authorization from the French market regulator in order to build a regional base in France, according to Prinçay. Even before it was registered, Binance claimed to be the country's leading trading platform.
Registration, as per the AMF, necessitates checks to establish a good image and professionalism of the management and beneficial owners, as well as conformity with anti-money fraud and counter-terrorism financing legislation.
Following the registration permission, Binance announced in a blog post on Wednesday that it will considerably expand its activities in France and increase its staff to pursue further facility development.
"The French DASP and AML/CFT rules impose strict anti-money fraud and appropriate requirements in order to fulfill the high legal qualifications to be regulated in France," stated Binance CEO Changpeng Zhao.
After receiving an in-principle license to function in Abu Dhabi in April, the entry into France marked Binance's current expansion of its international services. Regulators in Bahrain and Dubai gave the market their blessing in March.
At the time of publication, the large cryptocurrency platform had no formal headquarters, but was rumored to be choosing one "very shortly," presumably to please regulators - numerous nations' agencies had previously issued warnings indicating Binance was not licensed to provide its services to people
Over a dozen regulatory agencies, including those in Germany, Italy, and the United Kingdom, issued concerns about Binance last year. Several said it was running in their areas without a license.
Zhao remarked in April at the Paris Blockchain Week Conference that France has one of the most advanced and open-minded administrations that may help in crafting pro-crypto policies.
