The world’s largest crypto exchange, Binance, said in a blog post on Thursday that it has gained regulatory approval to provide digital asset services in France, the first European country where it has done so.
After several regulatory setbacks on the continent, the exchange was given the green light by the country’s market and banking authorities.
“Effective regulation is essential for the mainstream adoption of cryptocurrency,” says Binance founder and CEO Changpeng Zhao, also known as CZ.
Anti Money Laundering
France’s financial regulator said in November that Binance had to comply with anti-money laundering laws if it wanted a regional hub in Paris. In August, the UK published a notice saying the company did not have the written consent to operate there. A similar warning was also issued in Germany.
Binance has been working hard to demonstrate to European regulators it is committed to practice compliance and promote the region’s blockchain ecosystem. Earlier this year, Binance announced that it would invest 100 million euros to “develop the French and European blockchain and cryptocurrency ecosystems” as well as to open an R&D center in France.