Vive la Binance.
France's markets regulator, AMF (akin to the Securities and Exchange Commission in the U.S.), has registered Binance France as a "digital asset service provider" (DASP). French banking regulator ACPR approved the registration.
The registration means France is the first major European country to explicitly allow Binance to operate within its jurisdiction. Moreover, Binance becomes the first major cryptocurrency exchange to be licensed as a DASP within France.
At this time last year, Binance was facing regulatory hurdles in jurisdictions throughout the world, but especially in Europe. Financial regulatory authorities made a point last summer to warn consumers about the exchange.
In July, Italy's securities regulator announced that the exchange is "not authorized to provide investment services and activities" in the country. In August, the Dutch central bank said Binance lacked "the required legal registration" to provide services in the Netherlands. And Britain's Financial Conduct Authority poured cold water on a never-launched U.K. arm called Binance Markets Limited.
Given the choice between fighting regulatory headwinds and letting the breeze carry them, Binance has mostly chosen the latter, as their announcement of today's news points out.
"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 release states. "We are pleased that our efforts have paid off."
Binance founder and CEO Changpeng Zhao added: “Effective regulation is essential for the mainstream adoption of cryptocurrency." He called the French anti-money laundering regulations "stringent" and "proper."
Decrypt reached out to Binance for specifics of the arrangement but has not yet received a response.