PSAN registration for Binance, a first step towards respectability


The Binance cryptocurrency platform, 90 million customers worldwide, has just obtained PSAN status from the AMF (Financial Markets Authority). This will enable it to better establish itself on the French market.

“This is the result of a lot of work done between our teams and the AMF,” said David Princay, CEO of Binance France. “PSAN registration reassures users. »

This record was solicited by Binance last December. Binance had a month before opened offices in the Paris suburbs, in Montrouge (92). About twenty employees are employed there.

Reassure French investors

What especially develop communication and marketing activities in France, better know the company, beyond the circle of insiders. Because of course, Binance was already accessible online to French users. For the latter, no change is planned.

But the cryptocurrency exchange platform, and now NFT, still suffers from a nebulous image. Binance is regularly scrutinized by regulators on money laundering and terrorist financing issues. It is one of the last platforms that offered the purchase of cryptocurrencies in rubles after the implementation of sanctions against Russia a month and a half ago.

The PSAN registration (digital asset service provider) is therefore supposed to reassure French investors.

Distinguishing the “good students”

The PSAN registration, set up by the Pacte law in 2019, is mandatory for organizations that want to provide digital asset sale and custody services in France.

The cryptocurrency platform has been seeking for several months to obtain the precious PSAN approval. Declined in two forms, registration and approval, the PSAN status makes it possible to distinguish companies that have been validated by the French financial market authority.

To obtain the PSAN registration, mandatory in France, a crypto-asset service company must present several guarantees proving that it complies with good practices in the fight against money laundering and the identification of its users.

More complicated to obtain than simple PSAN registration, obtaining approval is conditional “on compliance with rules in terms of financial and operational resources (own funds or insurance, IS security, etc.) and rules of good conduct. This allows the AMF to distinguish the “good students” who have met all of its requirements and therefore to promote them, particularly to institutional players.

Binance filed for PSAN approval in December 2020, with no results. The announcement of the PSAN registration is therefore a first step in this direction.

Last April, on the occasion of the Paris Blockchain Week Summit event, Binance had made the show, announcing in particular the recruitment of Stéphanie Cabossioras, now a former employee of the AMF on the work relating to the French regulation in terms of cryptocurrencies.

Founded in 2017 by Hong Konger Changpeng Zhao, Binance allows the exchange of more than 300 cryptocurrencies and offers many other decentralized finance services. The company plans to recruit more than a hundred new employees in France in the coming months.

Article corrected on 06/05 to rectify the obligations related to registrations and PSAN approval.





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