France approves Binance to operate digital asset trading services
May 4, 2022, 2:31PM EDT
1 min read
French financial regulators afforded Binance, one of the world’s largest crypto exchanges, a digital asset service provider license on Wednesday.
Binance can now operate its digital asset trading platform in France, meaning it can facilitate digital asset custody, let users buy and sell crypto and help to exchange digital assets for each other, according to the Autorité des Marchés Financiers (AMF), a French financial market regulator.
The move adds another step in Binance’s expansion across Europe — and to particularly entrench itself in France, which Binance CEO Changpeng Zhao called, “uniquely positioned to be the leader of this industry in Europe” at the 2022 Paris Blockchain Week Summit. Binance has 50 employees already working in France, Zhao added.
Last month, Binance invested 100 million euros ($108 million) into Station F, a startup incubator headquartered in Paris, in addition to poaching former AMF deputy general counsel Stéphanie Cabossioras as a Binance employee.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.