.@Binance just got approved for the France 🇫🇷 VASP (Virtual Assets Service Provider) registration.https://t.co/DwqZrxq3bS pic.twitter.com/Eebkc7OhRV
— CZ 🔶 Binance (@cz_binance) May 4, 2022
A subsidiary of the group, Binance France SAS thus joins the 36 other players who have already obtained their registration as a PSAN with the AMF. Coinbase does not appear (yet?) in the list of authorized service providers but we can discover competitors such as the French Coinhouse, Paymium or Deskoin / Just Mining.
Almost 18 months of waiting
If she officially made the request in December 2020, everything has accelerated in the last few months. The platform’s founder, Changpeng Zhao (CZ) has made several trips to France to wink at local partners.
In particular, he met the Secretary of State for the Digital Transition Cédric O to present his project which aims to inject 100 million euros into the French ecosystem. To mark its desire to be part of the long term in France, the platform has also opened a first office in Montrouge, in the south of Paris. By this summer, it should open a space of 400 square meters in the center of the capital.
This evening, @cz_binance announced a big project to support the ecosystem #crypto French :
⚙️ R&D center in Paris (or south)
🍃 Incubator of #startup
🎓 Training via Binance Academy💰 Investment: €100m@binance @cedric_o @Ledger pic.twitter.com/QT2SGSeCFS
— Lemon squeezer (@pressecitron) November 3, 2021
Without the precious sesame, Binance could not officially canvass French individuals for its service. However, the latter had the possibility of subscribing to its crypto-currency exchange platform of their own free will, and at their own risk.
From now on, it will be able to reinvest part of its gigantic profits in targeted marketing with the French. While around 8% have invested in crypto-currencies according to a KPMG study, this figure could significantly increase in the years to come. According to the founder and CEO of Coinbase, there could be one billion cryptocurrency users worldwide in the next decade.
However, the platform will have to respect a certain number of rules dictated by the AMF. Although it is registered as a PSAN, it has not yet officially been approved by the AMF. She is not the only one: no actor has yet benefited from the ultimate recognition.
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