Chief Executive Officer of Binance, Changping Zhao ‘CZ’, commented on the development. “Effective regulation is essential for the mainstream adoption of cryptocurrency,” he said.
The French AML and DASP regulation provides standard and stringent anti-money laundering rules. Crypto companies in the country are required to pass high regulatory standards before being allowed to operate in the country. CZ says Binance France has always maintained a high level of anti-money laundering and regulatory compliance standard. He said Binance is grateful to the ACPR and AMF for their strong demonstration of commitment to innovation. This has made it easier for Binance to go through the entire application process.
A Significant Milestone For The Crypto Community
CZ stated that Binance has always made its users the company’s priority. Following the registration approval, the crypto community will have more confidence that Binance France is the trusted platform to do business with.
Binance France’s registration as a DASP is a major milestone for the cryptocurrency community in Europe. It will allow Binance to roll out its products and offerings that other people in other regions have been enjoying.
The protection offered by the AML will ensure the overall growth and adoption of cryptocurrencies in France and Europe. With better adoption, the market can achieve better liquidity which will benefit bother the users and the crypto community. Binance still maintains its goal of increasing the adoption of crypto. Recently, it partnered with Gulf Energy Development as it seeks a license to operate as a digital exchange platform in Thailand.
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