Binance finally obtains its registration with the AMF as PSAN

The cryptocurrency giant Binance has just obtained PSAN status from the AMF, allowing it to actively solicit the French public.

It’s official. Binance, the global cryptocurrency giant, has obtained the PSAN registration issued by the Autorité des Marchés Financiers (AMF). The information has just been published on the AMF website this Wednesday, as BFM Crypto has seen. Binance boss CZ has just tweeted the information.

“This is the result of a lot of work done between our teams and the AMF. There is an opportunity for Europe to become a leader in blockchain. We can take this step. Registration strengthens us in making France a special place. The PSAN registration reassures users, allows them to enter a secure environment and framework in Europe and around the world,” said David Princay, CEO of Binance France. “It is important that France is the first country in Europe where we are regulated,” adds the latter.

This registration, which Binance requested in December 2020, brings the company into the world of regulated platforms in France. With this recording, Binance will be able to actively solicit the French public.

“Recording makes it possible to do marketing, commercial approach, but our priority is to educate: people have to know what they are doing. We are going to start a process on this educational aspect”, explains David Princay. The cryptocurrency giant notably opened offices in Montrouge last November and plans to open a 400 square meter space in the center of Paris by the summer.

For users, no change is planned: all Binance services, such as cryptocurrency trading, remain offered to French users on the Binance France site. Binance would think about launching a specific offer for the French market. Binance, which claims 90 million customers worldwide, will also focus on financial education for its users, so that they master the blockchain as well as possible and in particular the services that the company will be able to offer them.

Introduced by the Pacte law in 2019, the PSAN registration is mandatory for an actor in certain fields, in particular if he wishes to provide in France services for the custody of digital assets and/or the purchase or sale of digital assets. in currency having legal tender, underlines the site of the AMF. On this point in particular, the AMF and the Prudential Supervisory and Resolution Authority (ACPR) verify that the players comply with the regulations relating to the fight against money laundering and the financing of terrorism (LCB/FT).

For Binance, obtaining such a registration was crucial, while the cryptocurrency exchange platform was in the sights of many regulators, in particular on the subjects of money laundering and the financing of terrorism.

“We have met all the criteria in terms of user protection, such as anti-money laundering. We are a young company, but compliance is mandatory, it is not only important. This registration is a step for us”, explains his French boss.

Registration is to be distinguished from the optional authorization of the AMF, where the players must “respect various requirements in terms of organization, financial resources and conduct of the activity. The AMF publishes on its website a list of approved PSANs”, specifies the AMF on its site.

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