Binance Has Been Approved in its First European Country

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Binance is accepted by France. Will the rest of Europe follow?

Key points

Binance (BNB), the world’s largest cryptocurrency exchange by trading volume, has received regulatory approval to operate in France as a Digital Asset Service Provider (DASP). With this development, Binance is now authorized to hold digital assets, operate their trading platform for digital currency within France’s jurisdiction, and oversee the purchase, sale, and exchange of different types of cryptocurrencies there. With France becoming the first European country to accept and even license the operations of Binance as a DASP, this could be the beginning of further integration for cryptocurrency in Europe.

European Crypto Restrictions

The lack of regulation in cryptocurrency dealings has led many European countries to deny access to the use of exchanges like Binance. Many countries continue to restrict the use of such services. In the past few months, Binance has been able to secure approval for operation in places such as Dubai, Abu Dhabi, and Bahrain. Binance’s lack of a dedicated headquarters has been a cause for concern among many countries, seeing this as an issue of accountability. Now, Binance has become more structured in an effort to acquire the licenses they needed to operate in more places around the globe.

With France taking the first step, other countries will be likely to incorporate cryptocurrency exchanges like Binance into their operations if they are convinced of its reliability and regulatory integrity. Binance is sure to experience a fresh influx of trades from new users within France, and it could cement itself as the world’s largest crypto exchange for a long time to come. This could mean an uptick in its native token, BNB.

Beyond Binance

With the acceptance of Binance as a DASP under French jurisdiction, cryptocurrency will become a more viable option in a key part of Europe. If Binance’s efforts in France are able to provide a benefit to the country’s economy while steering clear of the fraud and money laundering that many European countries are worried about, the concerns of these countries could be greatly eased.

Furthermore, if more European countries become willing to support cryptocurrency, the world will continue toward accepting crypto as a major form of currency everywhere. This bold move by France could grow the cryptocurrency industry as a whole by injecting a new wave of demand into the market in the short term, while potentially creating a worldwide crypto craze in the long term.

The bottom line

France’s acceptance of Binance could be the beginning of a change of mind for all of Europe when it comes to digital currency. It could start a new wave of investment for Binance, as well as create new value for many popular cryptocurrencies, as new investors dive into the market. We don’t know yet whether France plans to partner with any other major cryptocurrency companies in the near future, but the success of Binance could make or break the country’s cryptocurrency efforts. Only time will tell what European country will be the next to commit to crypto.

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