Cryptocurrency exchange Binance registers with French market regulator

In March, Binance obtained licenses from Dubai and Bahrain.

London/Paris:

Cryptocurrency exchange Binance has registered with the French market regulator, Chief Executive Changpeng Zhao said in a tweet on Wednesday, advancing the company’s plan 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.”

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.

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.

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.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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