Binance Secures DASP Registration from France's Regulators

Fazzaco learned that  Binance France has secured a Digital Asset Service Provider (DASP) registration from France's capital market regulator, the AMF (Autorité des marchés financiers) after getting approved by the ACPR (Autorité de Contrôle Prudentiel et de Résolution). "This milestone achievement represents Binance's first DASP in Europe and demonstrates our commitment to being a compliance-first exchange," the company states on its official website.

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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.

"Effective regulation is essential for the mainstream adoption of cryptocurrency," said Changpeng Zhao (CZ), founder and CEO of Binance, "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."

According to the company, it will be able to bring cryptocurrency services and education to millions as the first major global crypto exchange to register in France.

The crypto exchange is expanding its bussinesses across the world. It is reportedly obtained provisional approval to operate as a broker-dealer in virtual assets in Abu Dhabi last month as well as granted Money Transmitter License in Puerto Rico, the fourth jurisdiction in which Binance.US has received a Money Transmitter License in 2022, following West Virginia, Connecticut, and Wyoming.

Before this new DASP registration, Binance has invested 100 million euros (US$108 million) in its operations in France, including a partnership with a Paris-based startup incubator Station F. It has also set up offices in the U.K., where the FCA (Financial Conduct Authorit) said it wasn't able to regulate the company.

David Princay, CEO of Binance France, commented: "The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular."