Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, secures regulatory approval from the French government, boosting its operational plans across the European continent.

Binance obtained a digital-asset service provider registration, the Paris-based markets authority AMF said on its website, confirming an earlier report. The regulatory nod will help boost the company’s ambitions in Europe and marks the exchange’s first major approval from a G-7 member nation.

Bank of France Governor, Francois Villeroy de Galhau had previously touted Binance’s interest in setting up a base in Paris, and the firm’s co-founder and chief executive officer Changpeng “CZ” Zhao lauded the country as one of the “pro-crypto” jurisdictions.

Last month, Zhao spoke at Paris Blockchain Week and Binance confirmed a 100-million-euro ($105 million) investment into the nation’s blockchain ecosystem.

The approval in France is the latest sign that the world’s largest crypto firms are gaining momentum with regulatory bodies in certain strategic markets. In recent months, Binance has secured nods from Bahrain, Dubai and Abu Dhabi, while rivals FTX and Kraken got licenses in Dubai and Abu Dhabi, respectively.

The firm recently won approvals from Bahrain, Dubai, Abu Dhabi. However, some places like Singapore have adopted stricter licensing.

Source : Bloomberg

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