France will approve the Binance cryptocurrency exchange license

Binance Holdings, the world’s largest cryptocurrency exchange by trading volume, is on the verge of receiving regulatory approval from the French government and moving forward with its operational plans in Europe, people familiar with the matter said.

Inance is in final talks with financial regulator ACPR and markets regulator AMF for registering a digital asset service provider, said the people, who asked not to be identified because the details are private.

A regulatory nod would help boost the company’s ambitions in Europe and mark the first major listing of the stock exchange by a G7 member country.

ACPR and AMF spokesmen declined to comment.

Bank of France Governor Francois Villeroy de Galhau has previously touted Binance’s interest in establishing a base in Paris, and the firm’s co-founder and CEO Changpeng “CZ” Zhao has described the country as one of the pro-crypto -Jurisdictions praised.

Last month, Zhao spoke at Paris Blockchain Week and Binance confirmed a $100 million investment in the country’s blockchain ecosystem.

An approval in France would be the latest sign that the biggest crypto firms are gaining momentum with regulators in certain strategic markets. In recent months, Binance has secured nods from Bahrain, Dubai, and Abu Dhabi, while rivals FTX and Kraken have secured licenses in Dubai and Abu Dhabi, respectively.

Nonetheless, other jurisdictions, such as Singapore, have cracked down with stricter regulations, citing risks to retail investors and money laundering and terrorist financing concerns.