A partial victory! – After months of bodywork, Binance got the famous sesame PSAN (Digital Asset Service Provider) the May 4, 2022. This validation of the crypto exchange by theFinancial Markets Authority (AMF) does not mean that it has no more effort to provide. To comply with regulations French, Binance will have to stop certain services provided so far to residents French.
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Concessions to be made on the French market
Binance must know by now: European countries don’t like derivative products of cryptocurrencies. After one first offensive in July 2021 in Italy, Germany and Great Britain, Binance has been forced to withdraw its services on crypto derivatives from Spanish soil since May 2022.
This June 22it’s the turn of the France to undergo this limitation. In a E-mail sent this Thursday to its users, the platform of Changpeng Zhao explains having to put restrictions on its offer in France. The great power provided by status PSAN obviously also obliges him to a great responsibility.
“Binance is constantly re-evaluating its product and service offerings to comply with local regulations, we will be making changes to the following products for users residing in France. »
These are the futures contracts (futures), optionstokens to leverage effectsand the Binance EARN offering called “ Double Investing ».
All these services will therefore be limited from the August 2, 2022. It will then no longer be possible to open new positions, or even increase old ones. The installments in the margin balance will however remain open, for “avoid margin calls and liquidations”.
In addition to his worries about compliance along with the planet’s regulators, Binance must also endure the mistakes of other crypto projects. Indeed, last week, the disaster of Terra (LUNA) and UST was catching up with Binance, via a class action against him.
Binance has now reached a sufficient critical size to handle this kind of unforeseen… foreseeable. To register on the leading exchange and form your own opinion, it’s this way (affiliate link).