Binance, the world's largest cryptocurrency exchange by volume, has received regulatory authority to offer digital asset services in France, making it the first European country to do so.

The country's market and banking regulators gave approval months after the exchange had experienced multiple regulatory hurdles on the continent.

In a statement, Binance founder and CEO Changpeng Zhao, widely known as CZ, said, "Effective regulation is necessary for the mainstream acceptance of cryptocurrency."

Binance must focus on "anti-money laundering compliance," according to France's financial industry regulator if it wants regulatory clearance to open a regional headquarters in Paris.

In August, the United Kingdom issued a notification stating that the company lacked written permission to operate there.

Binance has been working hard to convince the European regulators of its commitment to practising compliance and promoting the blockchain ecosystem in the region.

Binance announced in November that it would invest 100 million euros to "help the growth of the French and European blockchain and cryptocurrency ecosystems" as well as establish a research and development centre in France.

Binance, which was created in China, has mainly abandoned the country following Beijing's crypto ban. Many Chinese-founded cryptocurrency companies have relocated their headquarters to Singapore, which is swiftly becoming a regional powerhouse for blockchain entrepreneurs. Binance is understood to be looking for a new home, having announced in December that it would withdraw its licencing application and cease operations in Singapore.

Source: Techcrunch