Binance France has gained a Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF).
Providing the Best to its Customers
The cryptocurrency exchange also received approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Binance is achieving this milestone as its first DASP in Europe, demonstrating our commitment to being a compliance-first exchange.
The success of the blockchain and crypto industry has a lot to do with the ability to comply with regulations. Over the years, Binance has taken various steps to ensure that its operations align with the regulations.
The Binance team expressed its pleasure owing to the success in obtaining the DASP registration in France. “This is a significant achievement for us and demonstrates our commitment to providing the best possible service to our customers.”
According to Changpeng Zhao, the founder and CEO of Binance, effective regulation is essential for the success of the cryptocurrency industry. In France, DASP and CFT regulations have a strict anti-money laundering and anti-terrorist financing requirements.
The AMF and ACPR worked together to make the process for Binance’s registration in France as a DASP transparent and straightforward. It is an excellent achievement for our customers and us, and we are very grateful to them for their continuous support and innovation.
David Princay, CEO of Binance France, said:
“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.”
Expanding its Audience
The company has been granted a license to operate as a broker-dealer in the virtual assets market in Abu Dhabi.
Due to its decentralized culture, which has not always been transparent, Binance has never had a single headquarters. Last year, this issue became a significant concern for regulators after they warned that it was not authorized to operate in specific markets.
In March and April, the company secured approval to operate in various markets, including Dubai, Abu Dhabi, and Bahrain. According to its founder, Changpeng Zhao, the company’s philosophy of not having a corporate structure and not having offices prompted it to start embracing the concept of decentralized culture. “As soon as you want to get licenses, you have to have the traditional structures, which we do now,” he added.
In France, Binance has invested over $100 million in the country. It partnered with an incubator in Paris and has offices in the U.K., though the Financial Conduct Authority could not regulate it.
SEC to Protect Investors
Meanwhile, the U.S. Securities and Exchange Commission increases its staff to protect investors in the cryptocurrency market better. It stated that it would increase its dedicated staff members for its crypto assets and cyber division by 20. The new positions will bring the total number of staff members to 50.
The U.S. Securities and Exchange Commission head said that the agency plans to hire 20 new lawyers and staff attorneys to oversee the financial industry. Both Gurbir Grewal, the SEC’s enforcement director, and Gary Gensler, the agency’s chairman, praised the moves.
Its crypto unit has already successfully brought several cases against individuals who allegedly took advantage of investors in the digital currency markets. According to Grewal, the majority of the victims of securities fraud related to crypto are retail investors. Despite the rise of the digital currency market, cyber threats remain a significant concern for the financial system.