Binance registers with France's market regulator

LONDON (Reuters) – Cryptocurrency exchange Binance has registered with France’s market regulator, Chief Executive Officer Changpeng Zhao said in a tweet on Wednesday, advancing the company’s plan to make Paris its European base.

FILE PHOTO: Binance app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

Cryptocurrency exchanges such as Binance are required in France to register with the regulator, AMF, to operate there. But even before its registration, Binance said it was the top cryptocurrency exchange in France.

Binance now has the option to ask for a formal license, which would be required in order to open a regional headquarters in France.

“There will be no immediate change to the user experience, but French users can be reassured that Binance complies with regulatory requirements that help to protect them and their assets,” a spokesperson for Binance said.

Last year Binance received warnings from more than a dozen national regulators, including those in Germany, Italy and Britain. Some said it was operating without a licence in their jurisdictions. Others cautioned against using its services.

Binance’s CEO, widely known by his initials “CZ”, last month pledged to invest 100 million euros ($105.51 million) in France and said he would grant 2 million euros for the restoration of a room at Chateau de Versailles. He also tweeted in support of French President Emmanuel Macron’s re-election bid.

In March, Binance gained licenses from Dubai and Bahrain.

Since its launch in Shanghai in 2017, Binance has aggressively expanded in markets around the world, overtaking its crypto rivals.

A Reuters investigation published last month showed that in Russia, where Binance dominates the crypto market, the exchange expanded its business while building ties with Russian government agencies.

Binance has said it is committed to regulatory compliance.

($1 = 0.9478 euros)

Source: Read Full Article