Binance, the largest crypto exchange in the world, is now registered with the French Autorité des Marchés Financiers (AMF) as a digital asset service provider (DASP).
According to the AMF, Binance France is registered to offer:
- Digital assets custody
- Purchase/sale of digital assets for legal tender
- Exchange of digital assets for other digital assets
- Operation of a trading platform for digital assets
DASPs must be registered with the AMF to provide digital asset custody services, offer buying/selling crypto in a currency that is legal tender, provide a service of exchanging digital assets for other digital assets, and as well as operating a trading platform for digital assets.
This registration assumes that the AMF has carried out a number of checks to ensure:
- the good repute and competence of the managers and beneficial owners;
- compliance by the DASP with the regulations on combating money laundering and terrorist financing (only for the services of crypto-asset custody and buying/selling crypto-assets in a currency that is legal tender).
Binance is not alone on the registry as 36 other firms have been approved to provide all or some of the aforementioned services. Bitpanda is on the list, Swissborg was approved in April.
As of today, no DASPs are “licensed” by the AMF. Only licensed platforms may engage in direct marketing. The regulatory regime was created by the Loi Pacte (the Pact Law) which sought to enable digital asset innovators in France.
The AMF points out that it is a criminal offense to claim to be registered or licensed without having completed the process