Financial authorities in France have given Binance, the nod of approval, to begin operating in the region. According to the announcement, which was shared on the Twitter page of the exchange platform, Binance will now be operating as a Digital Assets Service Provider in the country.
France Welcomes Binance With Open Arms
Speaking about the development, the CEO of the exchange platform, Changpeng Zhao (CZ) noted that the firm acquired its operational license from the Autorité des Marchés Financiers (AMF). However, he also mentioned that Binance also got authorization from The Autorité de Contrôle Prudentiel et de Résolution (ACPR). While the ACPR is responsible for regulating the French Banking system, the implication of getting the two approvals is that the exchange may now fully conduct its business in France, without any complications.
Furthermore, Zhao also mentioned that Binance will be hiring the services of a good number of local residents. But of course, they must be crypto savvy at least, to ensure smooth running of the French branch. The CEO said in part;
“We will now significantly expand our operations in France, with the intention to recruit up to 250 people focused on crypto and blockchain infrastructure development in the country.”
Expanding Its Reach Against All Odds
Without a doubt, Binance has established itself as one of the leading cryptocurrency exchanges in and around the entire globe. But that may not be enough, as the exchange is constantly looking to expand its footprint at every given opportunity.
However, in its quest to drive the adoption of crypto, Binance has had several run-ins with regulators around the world. Most notably, when it had to cease operations in Singapore late last year.
Despite the difficult regulatory terrain however, it’s good to know that the exchange platform is not backing down from lending full support to the cryptocurrency industry.