Binance Crypto Exchange Bags Operational Licence in France After Dubai

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.

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.

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.