Binance gets the DSAP regulation in France!

After almost 2 years of waiting, Binance, the famous crypto exchange platform has finally obtained the precious DSAP license. No doubt that the compliance of the exchange, the partnership with Station F and the recruitment of Stéphanie Cabossioras, former executive of the AMF, have contributed to this.

What is DSAP?

For those who don’t know, the DSAP license for Digital Asset Service Provider is a license issued by the AMF (Autorité des Marchés Financiers), the French stock market police. It has become mandatory in France since December 18, 2020 and must be held by companies targeting France which are :

  • holding digital assets for a third party ;
  • offering the purchase or sale of digital assets in legal tender;
  • allowing the trading of digital assets against other digital assets;
  • owning a platform for trading digital assets.

From the AMF’s point of view, a company is considered as targeting the French market as soon as it owns a .fr domain, advertises to local media or translates its website into French!

The administration being slow (something that is not specific to the Jacobinism of France), it took Binance almost 2 years to obtain the precious sesame!

Binance is officially compliant with French law!

Over the past few months, the cryptocurrency giant has never stopped complying with the countries where it operates. A willingness to embrace regulation also very visible in France with :

  • the exchange between CZ the CEO of Binance and Cedric O the Secretary of State in charge of the Digital of the French Republic on November 3, 2021 ;
  • the official appointment of David Princay as CEO of Binance France;
  • the €100 million partnership with Station F, the famous Parisian incubator of the CEO of Free ;
  • the recruitment of Stéphanie Cabossioras, former deputy director of legal affairs at AMF.

David Princay, CEO of Binance France said that obtaining the DSAP was the first step for the adoption of cryptos in Europe.

The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.

David Princay, CEO of Binance France,

For its part, CZ did not miss the opportunity to highlight the symbolic date of this achievement, date famous for Star Wars fans as the day “May the 4th Be With You”.

Now that Binance is officially compliant with French law, no doubt things should speed up for the yellow and black dragon exchange. Be prepared Europe, Binance is coming for ya!