Binance Secures French License
The French market has been a tough one for crypto exchanges in recent years. In 2019, local regulators started investigating some popular platforms over concerns about investor protection and market manipulation. Binance, the world’s largest crypto exchange, has finally secured a license to operate in the country.
The process was not easy. Binance had to go through a rigorous application process with the French financial regulator, the Autorité des Marchés Financiers (AMF).
“In order to respect the regulatory environment, we will have to adapt our products and offers for new customers, but the operating conditions of our French customers will not be impacted,” Binance said.
Binance finally secured the right to offer its services in the French market. Binance also plans to hire up to 250 employees in France and hopes this new license will help expand in other markets too.
“This is a great achievement for Binance and we are proud to be one of the first global crypto companies to obtain a strategic regulatory foothold in the EU,” said CEO Changpeng Zhao.
Binance has been on a roll lately. The company has also acquired a license to operate in Malta and is expanding its services to South Korea and Singapore.
The digital asset exchange is also launching its own public blockchain, called Binance Chain, later this year. The move will see the platform migrate from an Ethereum-based token to its own native coin.
With this new development, Binance hopes to expand its reach in the European market and beyond. In this case – France’s Autorité des Marchés Financiers (AMF).
“It’s a decisive stage for Binance’s activities in France and Europe which was achieved with this registration and proves … our desire to comply with international regulators,” David Princay, President of Binance France, told French business daily Les Echos.
France established its regime for registrations of providers of digital asset services in a law passed in 2019. The business paper states that, while the lack of such a license was not stopping Binance from offering its services in the French market, it would not be able to establish a foothold in Paris without the AMF’s approval. Among others, the exchange would not be able to set up marketing and commercial operations in France.
The article also notes that Binance is registered with the French data protection watchdog, the CNIL.
“This registration is another step in our efforts to be a global leader in this space and work with regulators around the world to advance the adoption of cryptoassets,” Binance CEO Changpeng Zhao said.
Binance also plans to launch new educational programs targeting local crypto users in France according to the president of its French operations.
“We intend to implement a program to educate professionals and individuals to allow them to better understand our ecosystem and crypto assets,” Princay said.
At the same time, those French customers who already use Binance’s products will not have to worry about any new conditions or terms that could be imposed on them, but offers for new customers could be soon introduced, according to the platform.
The news of Binance receiving a license to operate in France comes shortly after the popular cryptocurrency exchange announced that it was partnering with Japanese internet conglomerate GMO to launch a new digital currency exchange in the Asian