The Autorité des Marchés Financiers (AMF), France’s authority responsible for regulating the financial market, has granted Binance’s registration to provide crypto-related services in the country.
In a Wednesday update, the AMFBinance France SAS in its list of registered digital asset service providers in France. The registration was a step toward allowing the crypto exchange to provide crypto-related services in France including custodying assets, exchanging digital assets for other tokens or legal tender, and operating a digital asset platform.
According to the AMF,to ensure “good repute and competence of the managers and beneficial owners” as well as compliance with regulations on anti-money laundering and combatting the financing of terrorism. Binance in a Wednesday blog post it would “significantly scale” its operations in France following the registration approval, and planned to expand its team “to pursue further infrastructure development.”
“The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France,” said Binance CEO, or CZ.
.just got approved for the France VASP (Virtual Assets Service Provider) registration.
— CZ Binance (@cz_binance)
The move into France signaled Binance’s latest expansion of its global operations, havingto operate in Abu Dhabi in April. In March, regulators in the Middle East also gave the green light for the exchange to and Dubai. The major crypto exchange has no formal headquarters at the time of publication, but was reportedly going to a location “very soon,” seemingly in an effort to appease regulators — many countries’ saying Binance was not authorized to provide its services to residents.
In November, CZof a 100-million euro — $115 million at the time — initiative called “Objective Moon” to develop the blockchain and crypto ecosystem in France and Europe. During the in April, the Binance CEO said France had “one of the most progressive and open-minded governments that could help in developing pro-crypto regulations.”