Because of its registration as a PSAN with the Autorité des marchés financiers, the Binance platform is officially regulated in France (AMF).
The organization may now offer its services in France in complete compliance thanks to the establishment of a local branch.
Binance France has been registered as a digital asset service provider (PSAN) with the Autorité des marchés financiers (AMF).
Changpeng Zhao , the platform’s CEO, had first mentioned his desire to establish a solid foothold in France , in particular via the “Objectif Lune” project . What Binance has recently accomplished by establishing a startup incubator immediately at Paris’s Station F.
Parallel to this occasion, where Changpeng Zhao stated emphatically that “France enjoys a unique position to be the leader of this business in Europe,” Binance hired Stéphanie Cabossioras, the former deputy director of legal affairs inside the AMF, foreshadowing a strategy to achieve PSAN status.
In any case, Binance has now been formally registered as a PSAN, which is a need for any platform that wishes to offer digital assets on French land.
This revelation is inconsistent with Binance’s ideals, which have long supported the regulation of exchanges and cryptocurrencies.
According to law n°2019-486 of May 22, 2019, the PSAN registration applies to any company that provides, among other things:
- custody of digital assets
- buying and selling digital assets in legal money
- exchanging digital assets for other digital assets
- and running a digital asset trading platform
Binance, which fits all four conditions, will now be able to deploy all of the required resources to properly flourish in France, which its CEO recently described as a “launching pad for Europe.”