Binance approved by French regulators

News / Rik Wienke
Binance approved by French regulators

Binance, the largest crypto-exchange in the world, has collected its first European license. French regulators announced last week that Binance can operate as a Digital Asset Service Provider (DASP) in their country. Binance meets all of the regulator’s requirements, which means it is officially recognised as a DASP from now on.

Decentrality has been an important part of Binance’s philosophy for a long time. Having physical offices, a headquarters and legal entities didn’t fit in that philosophy. CEO Changpeng Zhao has now acknowledged, however, that Binance needs more traditional structures for obtaining licenses in different countries. According to the CEO, effective regulation is necessary for mainstream adoption of cryptocurrencies.

Binance has been attacked by European regulators multiple times last year. The lack of structure and legislation meant that payments via SEPA and iDeal were suspended. The Dutch Central Bank (DNB) gave out an official warning because Binance was offering crypto services without a registration with the central bank. It’s expected that Binance will obtain a license in many more European countries with their new course of action.

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