Binance Now Officially Regulated In France
Leading cryptocurrency Exchange platform Binance, has continued to stretch its reach throughout the world. Taking to twitter, the official Binance handle shared that the exchange has been welcomed by the financial authorities in France.
France opens its doors to Binance’s services
In the announcement, Changepeng Zhao – the CEO of Binance – noted that the cryptocurrency exchange has been allowed to function as a Digital Asset Service Provider in the country. The license was authorized by the Autorité des Marchés Financiers (AMF), which is the regulator of the French financial markets.
The Autorité de Contrôle Prudentiel et de Résolution (ACPR), which supervises the French Banking system, also gave its approval. The exchange if now fully available to conduct business within the country.
To fully kickstart operations, Binance reveals that it will be employing a significant amount of France based residents, with interested in the cryptocurrency industry, to carryout activities in the branch.
Excerpts of the announcement reads,
“We will now significantly expand our operations in France, with the intention to recruit up to 250 people focused on crypto and blockchain infrastructure development in the country, making France one of our regional HQs around the globe.”
As asserted by many cryptocurrency observers, the milestone is a significant pointer that Binance’s adoption across the globe has reached new levels. David Princay, the CEO of Binance France attested to this, adding that the new anti-money laundering laws put in place, will also aid in accelerating the adoption of cryptocurrency in France and Europe at large.
Princay concluded by asserting that “Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.”
Biance bounces back following multiple crackdowns from last year
Although Binance has kicked off market activities smoothly this year, the exchange was under a lot of pressure from regulatory bodies last year. In December of last year, Binance shut down trading activity in Singapore. Binance was also forced to suspend crypto derivatives trading in Europe in the same year.
Malaysian authorities also branded the exchange fraudulent, following the numerous sanctions. However, the CEO of the exchange has maintained faith in the exchange platform, as he continues to show his support for the cryptocurrency industry.
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