Binance registers with French crypto regulator, pushes European plans forward

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The Binance app is seen on a smartphone in this illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration

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LONDON/PARIS, May 4 (Reuters) – Cryptocurrency exchange Binance has registered with France’s market regulator, chief executive Changpeng Zhao said in a tweet on Wednesday, pushing ahead with plans to society to make Paris its European base.

“It’s a real guarantee of quality,” said Binance France managing director David Prinçay, referring to the registration with the regulator, the AMF.

“The perception is changing. It allows us…to move on to a new phase, that of educating (the French public) on blockchain.”

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Blockchain is a shared record of information maintained and updated by a computer network rather than a central authority. Major cryptocurrencies such as bitcoin are based on this technology.

Prinçay said Binance France is now seeking an official license from the French markets regulator to open a regional headquarters in France. Binance claimed that it was the first cryptocurrency exchange in the country even before registration.

France is the first country in the European Union to register Binance, which is also looking to register in Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria, Prinçay said.

In March, Binance obtained licenses from Dubai and Bahrain. Read more

Last year, Binance received warnings from more than a dozen national regulators, including those in Germany, Italy, and Britain. Some said it was operating without a license in their jurisdiction. Read more

The Binance CEO, widely known by his initials “CZ,” last month pledged to invest 100 million euros ($105.51 million) in France and said he would grant 2 million euros for the restoration of a room in the Palace of Versailles. He also tweeted in support of French President Emmanuel Macron’s re-election bid.

Since its launch in 2017 in Shanghai, Binance has grown aggressively around the world.

A Reuters survey published last month showed that in Russia, where Binance dominates the crypto market, the exchange has expanded its business while building ties with Russian government agencies. Read more

($1 = 0.9478 euros)

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Reporting by Elizabeth Howcroft and Mathieu Rosemain; Editing by Richard Chang

Our standards: The Thomson Reuters Trust Principles.

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