Binance has received official approval to operate in France from the French government. AMF, France's stock market regulator, has listed the cryptocurrency exchange as a registered virtual assets service provider. Binance will now be able to offer crypto trading and custody services for cryptocurrencies such as Bitcoin and Ether. France has become the first European country to grant Binance an official operating license as a result of this development.
The US-based crypto exchange aims to become a globally licenced firm operating in foreign nations.Changpeng Zhao gave a keynote address at a crypto event in Paris earlier this month. At the time, the 44-year-old crypto billionaire described France as "very progressive" when it came to adopting cryptocurrency.
.@Binance just got approved for the France 🇫🇷 VASP (Virtual Assets Service Provider) registration.https://t.co/DwqZrxq3bS pic.twitter.com/Eebkc7OhRV
— CZ 🔶 Binance (@cz_binance) May 4, 2022
Binance has also committed to investing EUR 105 million in the development of the European nation's crypto culture.
As of last year, over 2.1 million people in France owned cryptocurrency, accounting for 3.34 percent of the total population.
Meanwhile, Binance now has licenses to operate in three UAE regions: Bahrain, Abu Dhabi, and Dubai.
Binance US was granted permission to operate as a money transmitter in Puerto Rico in April.
Zhao established Binance US to assist the crypto community in the United States. Binance US has recently received operating licenses in three additional American states: Wyoming, Connecticut, and West Virginia.