According to an announcement from the AMF, the capital market regulator in France, cryptocurrency exchange Binance has been legally approved in the country. Binance is now a Digital Asset Services Provider (DASP) registered in France and will be allowed to deposit digital assets; make purchases and exchanges of these assets and operate a trading platform for them. According to the company’s blog post, this is Binance’s first license in Europe. The company is expanding its operations globally. Last month, they were provisionally approved to operate as digital asset brokers in Abu Dhabi.
Binance has never previously had a headquarters because of its decentralized nature, which lawmakers often consider irresponsible. The issue reached a peak last year when a series of legislatures around the world issued warnings that Binance should not be allowed to operate in their markets. In March and April 2022, the company received approval to operate in Bahrain, Abu Dhabi and Dubai. “When we first started, we wanted to adopt a decentralized spirit, no office, no headquarters, no company,” Changpeng Zhao, binance’s founder, said in April 2022. “But when you want a license, you have to have traditional structures, which we now have,” he added. Binance has invested 100 million euros ($108 million) in operations in France, including partnering with an organization that supports startups, Station F. It also has an office in the UK, but the Financial Conduct Authority said it was unable to manage the company.
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