Binance has been approved as a crypto service provider by French financial regulators

The largest cryptocurrency exchange by trading volume, Binance, has announced that the French financial markets regulator and banking supervisor has granted its domestic arm a Digital Asset Service Provider (DASP) registration.

Image: Binance

Binance received its first approval from the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as it expands into Europe.

Meanwhile, Binance has become the first major global crypto exchange to open a branch in France.

"The registration of Binance France as a DASP is a crucial milestone for crypto in Europe," said David Princay, CEO of Binance France.

The additional levels of AML protection, in particular, will aid in the growth of crypto use in France and Europe.

Increased adoption will contribute to improved market liquidity, which will be welcomed by users and the community in particular."

Binance's founder and CEO, Changpeng Zhao (CZ), has called for "effective regulation" in the industry, and the business plans to make Paris its regional base.

"In keeping with our objective to be the infrastructure services provider for the blockchain ecosystem, we have plans to grow our team to pursue more infrastructure development," Binance said as it ramps up operations in France.