Technology

Binance receives PSAN status and will be able to develop its activities in France

Binance, the largest cryptocurrency exchange, has been registered with the AMF as a digital asset service provider since Wednesday.

6 months after application

Chinese cryptocurrency giant Binance was registered by Autorité des Marchés financiers on Wednesday to be able to do business in France. The registration concerns the holding of digital assets, their purchase and sale in fiat currencies and even exchange, as well as the operation of securities trading platforms, according to the AMF website, which lists companies registered in this area.

Nothing prevented her from working in France before, but she did not have the right to communicate directly within the country. She also risked being ostracized by the authorities or banks at any time. “Binance France looks forward to expanding its business in the French ecosystem,” CEO Changpeng Zhao said in a video message posted on Twitter.

“This is the result of a long process between our team and AMF. Europe has the opportunity to become the leader of the blockchain. We can take this step. Recording helps us make France a special place. Registering PSAN gives users peace of mind by giving them access to secure environments and platforms in Europe and around the world,” said David Princey, CEO of Binance France. “It is important that France is the first country in Europe that regulates us,” the latter added.

Binance applied for this registration in December 2020, which launched the company into the world of regulated platforms in France. With this entry, Binance will be able to actively engage the French public.

“Records allow marketing, business methods, but our priority is education: people need to know what they are doing. We are going to launch the educational process,” explains David Prinkay. The cryptocurrency giant opened an office in Montrouge last November and plans to open a 400-square-meter facility in central Paris by summer.

In early November, CZ was greeted with great fanfare at the Ministry of Economy and Finance, but did not reveal his project. This is the end and turning point of a long wait in the French cryptocurrency sector, which will have to deal in an unprecedented way with one of the world’s giants, now officially recognized on national territory.

AMF guarantees safety

In total, AMF currently has more than 30 companies registered in this area, which means checking the “honesty and competence of the manager” and compliance with the rules.

Under the 2019 Pacte law, registration of a PSAN is mandatory for an entity in certain areas, in particular if it wishes to provide services in France for the storage of digital assets and / or the purchase or sale of digital assets and fiat currencies. , emphasizes the AMF website.

In this respect, in particular, the AMF and the French Authority for Prudential Regulation and Authorization (ACPR) monitor participants’ compliance with the rules relating to combating money laundering and terrorist financing.

Binance said in a press release that the registration “as a digital asset service provider” is a first for the group in Europe, saying that it has become “the first major global cryptocurrency exchange to be registered in France” as a result.

The registration, she said, allows the company’s operations to “comply with French anti-money laundering and counter-terrorist financing regulations and offer significant regulatory protections to local users.”

No changes are planned for users: all Binance services, such as cryptocurrency trading, are still available for French users on the Binance France site. Binance plans to launch special offers for the French market.

Binance, which has 90 million customers worldwide, will also focus on the financial education of its users so that they get the most out of blockchain, in particular what the company has to offer them.

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