Regulator sets condition for Binance to open Paris headquarters

The governor of the Bank of France, François Villeroy de Galhau, said that the cryptocurrency exchange Binance must focus on complying with anti-money-laundering requirements if it wants approval to open a headquarters. Reuters reports.

\n\n

During 2021, regulators in a number of jurisdictions, including the Netherlands, Italy, the United Kingdom, Poland, Japan, Thailand, Hong Kong, Singapore, South Africa, published warnings about Binance”s activities or took measures against the exchange.

\n\n

The company acknowledged that one of the regulatory problems became a decentralized model of its business, and decided to abandon it.

\n\n

In November, Binance CEO Changpeng Zhao said that Paris would be the natural choice for hosting regional, and perhaps global, headquarters.

\n\n

The governor of ACPR, François Villeroy de Galhau, also called it a confirmation of \”the innovative dynamism of Parisian markets\”. But it would depend on regulators’ confidence, he added.

\n\n

\”These will guide the ACPR and the AMF in their actions, especially on the key issue of anti-money laundering,\” said François Villeroy de Galhau.

\n\n

Earlier, Zhao published an open letter, in which he outlined the company’s plans for ensuring compliance and protecting customers.

\n\n

In August the exchange introduced mandatory verification for users.

\n\n

In November Binance published a document outlining the foundations of cryptocurrency regulation for discussion, emphasising that it is inevitable.