Binance Operations in France Leaves Regulators Controversial

According to the Financial Times, the courtship began in November 2021 when Binance committed €100 million to France’s crypto scene, gaining regulatory approval from the Autorité des Marchés Financiers in May. Despite recent global regulatory challenges for the exchange, Binance operations in France are still supported. Sources reveal over a hundred tech visas were granted to Binance to expand its operations in the country. The French Minister of Economy and Finance, Bruno Le Maire, expressed pride in Binance’s French registration, considering it pivotal for France’s ambition to become a “European hub of the crypto assets ecosystem.” However, recent events, including the resignation of Binance CEO Changpeng “CZ” Zhao and guilty pleas related to money laundering, cast a shadow on the relationship. French legislators tightened requirements for newcomers, but existing companies, including Binance, remain exempt. Binance’s French regulatory status affords an 18-month grace period, allowing operations until July 2026.