After Binance Secures French License, New Hires Underway, Hopes for New Permits

Arc de Triomphe in Paris. Source: Adobe/orpheus26

 

After securing the right to offer its services in the French market, major crypto exchange Binance plans to hire up to 250 employees in France and hopes this new license will help expand in other markets too. 

The latest development marks the first time the platform secures such permission from a European regulator. In this case - France’s Autorité des Marchés Financiers (AMF).

“It’s a decisive stage for Binance’s activities in France and Europe which was achieved with this registration and proves … our desire to comply with international regulators,” David Princay, President of Binance France, told French business daily Les Echos.

France established its regime for registrations of providers of digital asset services in a law passed in 2019. The business paper states that, while the lack of such a license was not stopping Binance from offering its services in the French market, it would not be able to establish a foothold in Paris without the AMF’s approval. Among others, the exchange would not be able to set up marketing and commercial operations in France.

Meanwhile, in an interview with Bloomberg, Changpeng “CZ” Zhao, CEO of Binance, said that the development in France is expected to open the doors to similar approvals in Europe and other parts of the world.

“All the G7 countries have some sort of a regulatory plan for this industry, and the biggest industry players like us are complying [with] that,” he said.

French political leaders “want to embrace businesses” and “they want to attract the crypto industry,” according to CZ who said that France could become a “strong crypto hub.”

Meanwhile, Binance’s plans for the near future in France include launching new educational programs targeting local crypto users, according to the president of its French operations.

“We intend to implement a program to educate professionals and individuals to allow them to better understand our ecosystem and crypto assets,” Princay said.

At the same time, those French customers who already use Binance’s products will not have to worry about any new conditions or terms that could be imposed on them, but offers for new customers could be soon introduced, according to the platform.
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