Technology

PSAN registration for Binance is the first step to respectability

Cryptocurrency platform Binance, 90 million customers worldwide, has just received PSAN status from AMF (Financial Markets Authority). This will allow him to better establish himself in the French market.

“This is the result of a lot of work done between our teams and AMF,” said David Princey, CEO of Binance France. “PSAN registration gives users peace of mind. »

This entry was requested by Binance last December. Binance opened offices in the suburbs of Paris, in Montrouge a month earlier (92). About twenty employees work there.

Reassure French investors

In order to especially develop communication and marketing activities in France, it is better to get to know a company that is not part of the circle of insiders. Of course, Binance was already available online for French users. For the latter, no changes are planned.

But the cryptocurrency exchange platform, and now NFT, still suffers from a hazy image. Binance is regularly audited by regulators for money laundering and terrorist financing. This is one of the last sites that offered the purchase of cryptocurrency for rubles after the introduction of sanctions against Russia a month and a half ago.

Thus, the registration of PSAN (digital asset service provider) should reassure French investors.

Identification of “good students”

PSAN registration, established by the Pacte law in 2019, is mandatory for organizations that want to provide services for the sale and storage of digital assets in France.

The cryptocurrency platform has been trying to get the precious PSAN approval for months now. Rejected in two forms, registration and approval, the PSAN status makes it possible to distinguish between companies that have been audited by the French financial market authority.

Getting approval is more complicated than simply registering a PSAN, getting approval depends on checking many anti-money laundering best practices and identifying its users. This allows the AMF to single out “good students” who meet all of its requirements and therefore promote them to institutional players in particular.

Binance applied for PSAN approval in December 2020, but to no avail. Thus, the PSAN registration announcement is the first step in this direction.

Last April, on the occasion of the Paris Blockchain Week Summit, Binance put on a show by announcing, among other things, the recruitment of Stephanie Cabossioras, now a former AMF employee, to work related to French cryptocurrency regulation.

Binance, founded in 2017 by Hong Konger Changpeng Zhao, allows the exchange of over 300 cryptocurrencies and offers many other decentralized financial services. The company plans to recruit more than a hundred new employees in France in the coming months.

Back to top button