The world's largest crypto exchange by trading volume has received regulatory approval in France to run a crypto exchange.
The European country's regulator gave Binance France permission to register as a "digital asset service provider," making it the first time Binance has been given the greenlight to operate a major crypto exchange in a European market according to the regulations.
"Over the years, Binance has taken measures to ensure compliance, including growing our international compliance team and advisory board, as well as actively helping to fight fraud and ransomware," the company said. "We are pleased that our efforts have paid off."
“Effective regulation is essential for the mainstream adoption of cryptocurrency," said Binance founder and CEO Changpeng Zhao about the news.
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Last year, the crypto exchange faced protracted regulatory hurdles, particularly in Europe, but has been working assiduously to meet compliance requirements in new jurisdictions. Last summer, Binance was stripped of the ability to operate its exchange in Italy and the Netherlands after the countries said Binance failed to demonstrate it had met the legal requirements to operate an exchange.
Binance also faced a high-profile and disastrous attempt to launch Binance Markets Limited in the U.K. after a British regulator banned it. In contrast to this, Binance CEO Zhao highlighted that the company had undergone all the "proper" and "stringent" requirements to meet anti-money laundering regulations in France.
"Compliance and regulation are critical factors for the success of the crypto and blockchain industry," the company said. "Over the years, Binance has taken measures to ensure compliance, including growing our international compliance team and advisory board, as well as actively helping to fight fraud and ransomware.We are pleased that our efforts have paid off, and meet stringent French compliance standards to successfully obtain the digital asset service provider registration."
The crypto exchange, moreover, has been expanding heavily in the Middle East, particularly in the United Arab Emirates and Bahrain, where Binance was recently awarded a license to operate as a crypto-asset provider.