Binance Crypto Exchange Bags Operational Licence in France After Dubai

Binance crypto exchange aims to become a globally licenced firm operating officially in foreign nations.

By Radhika Parashar | Updated: 5 May 2022 18:25 IST

Binance Crypto Exchange Bags Operational Licence in France After Dubai

Photo Credit: Binance

Binance CEO Chengpeng Zhao has called France “very progressive” in crypto adoption

Highlights

Binance also has licences in Dubai, Bahrain, and Abu Dhabi
Binance US has similar permits in Wyoming, Connecticut, and West Virginia
Binance will now legally let people in France to buy and trade in crypto

Binance has received official approvals from the authorities of France to operate in the country. The cryptocurrency exchange has been listed as a registered virtual assets service provider by AMF, the stock market watchdog of France. Binance will now be able to provide crypto trading and custody services for crypto assets like Bitcoin and Ether among others. With this development, France has become the first European nation to hand Binance its official operational licence.

The crypto exchange aims to become a globally licenced firm operating in foreign nations.

Chengpeng Zhao, the CEO of Binance shared the company's latest development on Twitter.

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.@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

Last month, Zhao was in Paris when he delivered a keynote address at a crypto event. At the time, the 44-year-old crypto billionaire had called France “very progressive” in terms of giving crypto a chance with adoption.

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Binance has also committed to invest EUR 105 million (roughly Rs. 800 crores) in nurturing the crypto culture of the European nation.

It is estimated that over 2.1 million people, 3.34 percent of France's total population owned cryptocurrency as of last year.

Meanwhile, Binance now also has operational licences in three UAE regions including Bahrain, Abu Dhabi, and Dubai.

In April, Binance US officially received approvals to operate as a money transmitter in Puerto Rico.

Zhao had launched Binance US in order to help the crypto community thriving in the US. In recent times, Binance US has scored operational licences in three other American states — Wyoming, Connecticut, and West Virginia.

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Further reading: Cryptocurrency, Binance, Crypto Exchange, Licence

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More