Crypto is ubiquitous, from boardroom balance sheets to auctions of digital art pieces. While blockchain information has almost reached the mainstream — a bitcoin ATM can easily be found in a bar — what remains to be seen is how much the blockchain will transform and challenge the world we live in. Binance has received regulatory approval in France, according to CZ Binance, the company’s CEO. The largest crypto exchange was granted a license by the French stock market regulator, AMF. Binance can now provide bitcoin services in the European country as a result of this.
Custodial services, buying and selling of digital assets for legal tender, exchange services for cryptocurrencies, and operation of virtual asset trading services are all approved by AMF. The cryptocurrency exchange received a go signal from the French regulator on May 4, 2022, according to AMF’s official website. Furthermore, France is the first European country to allow Binance to provide cryptocurrency services there. The exchange has pledged a total of 100 million euros (US$108 million) to its French operations. This commitment also includes collaboration with the Paris-based Station F business accelerator.
Binance sees its entry into Paris as a significant step toward establishing itself and the crypto business in Europe. However, Africa is still lagging in terms of crypto acceptance. According to a Gemini survey, Europe is trailing behind the global average by 23%. In addition, only 17% of Europeans in Denmark, France, Germany, Ireland, Norway, and the United Kingdom have adopted cryptocurrency. According to the report, 40% of individuals who possess cryptocurrencies in Europe only began investing in the year 2021.
Along with these facts, the Ukrainian issue, tensions between some countries, and the financial status of other nations, all of which make it difficult for Europe as a whole to stand up to aggressors. In the meantime, Dubai is well on its way to becoming a crypto-adoption leader, and Bahrain has granted Binance a crypto-asset service provider license. Cryptocurrencies have already been embraced in several countries. Finance ministers and central bank governors from the G7 countries are meeting to discuss erecting further barriers for Russia. In the previous 24 hours, Bitcoin has lost 5.96 percent of its value, while Ethereum has lost 3.27 percent.
