Binance seeks PSAN status in France
Changpeng Zhao confirmed his plans for Binance and France in an interview with Echoes. As a reminder, the CEO of the company had already unveiled the “Objectif Lune” project a few days ago. 100 million euros will be injected for the development of the cryptocurrency ecosystem in France.
But to really establish itself in France, Binance France must obtain a precious sesame: the status of Service Provider on Digital Assets (PSAN). Introduced by the PACTE law of 2019, it forces certain services to register with the AMF, including exchange platforms. The companies concerned are required to register within twelve months of their creation.
👉 On the same subject – The results of the PSANs according to the ACPR: an indictment to further strengthen surveillance
An arrival within six to twelve months?
According to Changpeng Zhao, the priority is to show regulators white paws:
“We started our activity as a decentralized organization but it must be noted that this is not very well received by the regulators. However, this industry must be regulated. We are therefore in the process of setting up headquarters at several levels. “
The CEO of Binance explains that France is “a natural choice for a regional head office” … And even global? This ambition displayed by Changpeng Zhao seems doubtful, as the PSANs suffer from a certain regulatory stiffness in France.
Still, “CZ” intends to obtain PSAN status within 6 to 12 months, despite the high demands of the AMF, which has been in contact with Binance:
“They were both very“ pro-business ”and very demanding. What they expect from us is very clear. They want us to set up in France but they will not give us a free ride on the pretext that we are the main player in the industry. “
In any case, the message is clear. After having existed in a certain artistic vagueness in recent years, Binance and Changpeng Zhao are determined to give regulators a soft eye. In the United Kingdom, the local branch had, however, suffered the wrath of the institutions, so we will observe whether the transition will be more peaceful in France.
👉 To go further – Changpeng Zhao (Binance): “From now on, we will be a financial institution”
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.