The crypto giant is attacking the French market. After several months of negotiations, theThe world’s leading cryptocurrency exchange has received approval from the Autorité des marchés financiers to operate in France† The Chinese platform is now registered in France as a digital asset service provider, the famous PSAN labelImplemented three years ago by the Pacte Act in French law to provide a first framework for players in the crypto ecosystem, which has registered about thirty companies so far.
Founded in 2017 in Hong Kong by Changpeng Zhao, Binance allows you to store, buy, resell and exchange cryptocurrencies against other cryptocurrencies, the famous Bitcoin, Ethereum, Tether or BNB, as well as against fiat- currencies, such as the euro or the dollar, or stablecoins, cryptocurrencies whose rate is backed by fiat currencies to protect against the volatility of cryptoassets. The platform is now considered the world’s leading crypto exchange in terms of volumes, ahead of Coinbase, FTX, Kraken or Gate.io.
Binance could target the French public
Binance, which claims 90 million customers worldwide, did not wait for AMF approval to operate in France, where nearly 10% of the population has already invested in cryptocurrencies, according to the latest surveys. This registration – checking its compliance with regulations related to the fight against money laundering and terrorism and the protection of local users – makes Binance a more legitimate platform, after several controversies over the location of its headquarters – somewhere between Asia , Malta and the Cayman Islands – and a confrontation with the financial police of several countries in late 2021.
Under these regulations in France, a first in Europe for the company, Binance can now actively communicate its service to the French public, as the French company Coinhouse has been doing for the past year. Interviewed by BFMTV, David Princay, Binance’s French leader, explains that “registration takes care of marketing, commercial recruitment“but that’s the company’s priority” is to educate: people need to know what they are doing. We are going to start a trajectory about this educational aspect.
Binance’s establishment in France has gained momentum in recent months. The platform’s founder, Changpeng Zhao, made several trips to the capital to meet local partners, as well as: the Secretary of State for Digital, Cédric O† The company has pledged to inject 100 million euros into the French ecosystem and recruit up to 250 people on the territory. It also announced its intention to locate its European headquarters in Paris and located in Station F, to support industry start-ups. This offensive comes at a time when two texts are currently being studied at the European level to introduce harmonized regulation of the cryptocurrency sector.