Binance Gets Regulatory Approval in France

Binance has received approval from the Autorité des marchés financiers (AMF) to operate in France. The AMF is France’s financial regulator and oversees some businesses, including insurance companies, banks, and market operators. The approval makes Binance the first crypto exchange to receive regulatory approval from France, according to a press release published on May 04. Binance’s new license will allow it to provide a range of services, including payment services, investment advice, and asset management. It will also enable users in France access to its platform without worrying about being sanctioned by local regulators.

Binance’s Regulatory Approval in France

The approval comes just a month after Binance announced its plans to launch a fiat gateway in the European country. It also marks another important milestone in Binance’s global expansion strategy that saw it receiving regulatory approval from Bermuda, Malta, and Jersey earlier this year. The AMF noted that it would continue monitoring Binance carefully. This authorization does not exempt any entity from compliance with all applicable legislation and regulation, including rules relating to anti-money laundering, combating terrorism financing, and taxation requirements.

Key Takeaway

Binance managed to get a leg up on some of its competitors by successfully obtaining regulatory approval in France. This represents a big step forward for the exchange and will likely be emulated by other cryptocurrency exchanges in the future. More importantly, though, regulators are willing to work with cryptocurrency exchanges and not simply against them. The result should be a fairer playing field and more choices for cryptocurrency startups and investors.

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