Binance was granted permission to operate in France on Wednesday, marking the crypto exchange’s first significant European victory following a string of regulatory failures.
The Financial Markets Authority of France granted the crypto exchange a Digital Asset Service Provider registration, which is required for all exchanges wishing to operate in France. While speaking at Paris Blockchain Week, Binance CEO Changpeng Zhao confirmed an investment of 100 million euros ($105 million) into France’s blockchain ecosystem.
France has also been praised by Zhao as a “progressive” crypto regulator.
In an interview with CNBC, Zhao added:
“They’re strict, and France is a strict regulator. But they have the advanced understanding to go with that.”
Last June, U.K. officials barred Binance Markets Limited from operating in the country without prior written authorization from the Financial Conduct Authority, stating that no other Binance entities were approved as well. Similar sentiments have been expressed by Italy and Germany.
Binance has been rapidly expanding across the globe, particularly in the Middle East, recently receiving regulatory permission from Bahrain, Dubai, and Abu Dhabi. Other jurisdictions, including Singapore, which just enacted stronger crypto rules, continue to struggle.
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