Binance, the world’s largest cryptocurrency exchange by volume, has received regulatory approval to provide digital asset services in France, the first European country where it received such approval, the company said in a statement. Blog Post on Thursday.
The green light was given by the country’s market and banking authorities a few months after several regulatory setbacks the exchange faced on the continent.
“Effective regulation is essential for the mass adoption of cryptocurrencies,” Binance founder and CEO Changpeng Zhao, also known as CZ, said in a statement.
In November, France’s financial industry regulator said Binance should focus on “anti-money laundering compliance” if it wants regulatory support to establish a regional hub in Paris. UK published notification in August, stating that the company did not have written consent to work there. Germany also issued a similar a warning.
Binance is trying to demonstrate to European regulators its commitment to compliance and promoting the regional blockchain ecosystem. In November, Binance announced that he would invest 100 million euros to “support the development of the French and European blockchain and cryptocurrency ecosystem” and to establish a research and development center in France.
Originally founded in China, Binance has largely pulled out of the country following Beijing’s sweeping cryptocurrency ban. Many Chinese-based crypto firms have shifted their main operations to Singapore, which is rapidly emerging as a regional hub for blockchain startups. Binance is reportedly still looking for a new home and said announced in December that it would withdraw its license application and close operations in Singapore.
Credit: techcrunch.com /