Approval has been granted by French regulators to Binance to operate its cryptocurrencies exchange.
Binance is now listed as a registered digital asset service provider by the French stock market watchdog AMF. This is to enable it to offer trading and custody services for other cryptocurrencies.
Binance is the world’s largest crypto exchange. Trading volumes of more than $14 billion and nearly $50 billion in derivatives volume are handled by the company daily, according to data from CoinGecko.
This move makes France the first major European nation to give Binance the approval. The company is supervised in Lithuania by the country’s anti-money laundering regulators, and is also seeking registration with the Swedish finance watchdog.
Binance has no official headquarters. Following a backlash last year from authorities in numerous countries including the U.K., Italy and Singapore, the company is now seeking to make peace with regulators. Changpeng Zhao, Binance’s CEO and founder, shared on CNBC last month that the company has plans to establish its European base in Paris.
Binance has sought to venture into France lately.
Zhao gave a keynote at a crypto industry event in Paris last month to debut a new accelerator program for so-called “Web3” start-ups. The company is also committed to invest 100 million euros ($105 million) in the country.
Binance’s billionaire CEO described France as “very progressive” in adopting crypto.
“In our interactions with them, they are far more advanced in their understanding, and they’re also much more progressive in their attitudes,” he told CNBC
“France is a very strict regulator. But they have the advanced understandings to go with that.”
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