Binance Crypto Exchange Gains Regulatory Approval in France

Binance CEO Changpeng Zhao spoke at a crypto industry event in Paris in April 2022 to launch a new accelerator program for so-called “Web3” startups.

Benjamin Girette | Bloomberg | Getty Images

Binance has received approval from regulators to operate its cryptocurrency exchange in France.

The company is now listed as a registered digital asset service provider by the French Securities Markets Authority, allowing it to offer trading and custody services for bitcoin and other cryptocurrencies.

Binance is the largest crypto exchange in the world. The company handles over $14 billion in cash trading volumes and nearly $50 billion in derivatives volume in a single day, according to data from CoinGecko.

This decision makes France the first major European country to give the green light to Binance. The company is overseen in Lithuania by the country’s anti-money laundering regulators and is also seeking registration with Sweden’s financial watchdog.

Binance has no official headquarters and was once proud of this fact. But the company is now seeking to make peace with regulators after a backlash last year from authorities in many countries, including the UK, Italy and Singapore.

Charm Offensive

Binance has been looking to turn on the charm in France lately.

The company’s founder and CEO, Changpeng Zhao, spoke at a crypto industry event in Paris last month to launch a new accelerator program for so-called “Web3” start-ups. The company has also pledged to invest 100 million euros ($105 million) in the country.

Changpeng Zhao, CEO and Founder of Binance, described France as “very progressive” in crypto adoption.

“In our interactions with them, they’re much more advanced in their understanding, and they’re also much more progressive in their attitudes,” he told CNBC.

“They are very strict, France is a very strict regulator. But they have the advanced knowledge to go with that.”

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