Binance Holdings, the largest global crypto exchange by trading activity, has received regulatory licence from the French government, which will let it expand its operations across Europe.
According to the Paris-based markets watchdog AMF, the exchange got a digital-asset service provider registration, corroborating an earlier Bloomberg report. The licence will assist the firm to achieve its goals in Europe, and it is the exchange’s first major approval from a G-7 member country.
Binance co-founder and CEO Changpeng “CZ” Zhao praised the country as one of the “pro-crypto” jurisdictions, while Bank of France Governor Francois Villeroy de Galhau had earlier touted the firm’s interest in establishing a presence in Paris.
Zhao spoke at Paris Blockchain Week last month, and Binance announced a EUR100 million ($105 million) investment in the country’s blockchain ecosystem.
The permission in France is the latest indicator that the world’s biggest cryptocurrency companies are gaining traction with regulators in key nations. Binance has received licences from Bahrain, Dubai, and Abu Dhabi in recent months, while competitors FTX and Kraken have received licences from Dubai and Abu Dhabi, respectively.
Nonetheless, some governments, including Singapore, have imposed harsher crypto-licensing regimes, citing hazards to individual investors and fears that digital assets could be used for money laundering and terrorist funding.
