Binance gets the first European Regulatory approval in France.

<strong>Binance gets the first European Regulatory approval in France.</strong>
Crypto

Binance, a Cryptocurrency exchange, has achieved a prominent milestone as the first trading platform to be registered in France.

The company, which is the largest cryptocurrency exchange globally by trading volume, has been approved by the French regulators to operate its digital asset trading platform in the nation.

It was officially reported on May 4, 2022, it was officially reported that Binance had been registered as a Digital Asset Service Provider (DASP) in France by the nation’s stock market regulator, Autorité des marchés financiers (AMF). 

Binance also secured approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The disclosure revealed that the company received the registration after fulfilling stringent requirements from French regulators. And as a registered DASP, the exchange firm will provide cryptocurrency trading and custody services in the country.

Binance CEO, Changpeng Zhao, commented on the recent news. He said: “We are grateful to the AMF and ACPR, who demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process. Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France.”

The exchange’s DASP registration is the first witness of any crypto exchange in Europe. Binance, in the meantime, has also received licenses in the UAE, Bahrain, and Puerto Rico.

The European Central Bank discloses privacy options for CBDC

In other news, the European Central Bank (ECB) has revealed a new presentation that outlines potential privacy scenarios for CBDC.

Privacy encroachment has become a main public concern when it comes to CBDCs. Consequently, the ECB published a presentation to address this issue.

The institution stated that the Eurosystem should only see the least transaction data. However, user anonymity isn’t a desirable design option.

The ECB’s presentation provides three diverse privacy options to be adopted.

The first option will permit digital euro intermediaries like banks to access transaction data, the ECB won’t do so.

The presentation enumerates that this transparency is aimed at “anti-money laundering and countering the financing of terrorism (AML & CFT).”

The second option is what the bank labeled the “desirable” path.  It might go after its digital currency. 

This will allow a higher degree of privacy for low-risk or low-value payments, which will mean “simplified checks” on the transactions. Though, it’ll still allow standard controls to be applied to high-value payments. 

The third option provides the highest degree of privacy to permit balances and transactions to be non-transparent to central banks and intermediaries.

ECB stated that this offline option could only be available for low-risk or low-value payments.

Photo by Kanchanara on Unsplash

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