Crypto Exchange Bitvavo Wins Registration Approval in France
Bitcoin News Latest News News

Crypto Exchange Bitvavo Wins Registration Approval in France

  • Bitvavo is branching out to a new market in Europe.
  • The exchange won regulatory approval to operate in the French market.
  • The registration approval follows other similar wins in Europe.

In a strategic move that underscores its commitment to establishing crypto market leadership in Europe, Dutch-based exchange Bitvavo has secured regulatory approval to operate in France.

Founded in 2018, Bitvavo is registered with the Dutch Central Bank (DNB) as a digital assets services provider. However, the exchange isn’t subject to the DNB’s prudential supervision or oversight by the Netherlands’ Financial Markets Authority (FMA).

The Dutch registration status only mandates that Bitvavo implements adequate money laundering and terrorism financing prevention controls on its crypto platform.

Bitvavo Expands to France

According to an announcement dated November 23, Bitvavo has successfully secured a Digital Asset Service Provider (DASP) registration approval from French Autorité des marchés financiers (AMF), allowing the exchange to offer diverse crypto products and services in the French market.

Terming it a “pivotal moment” for the company, Bitvavo CEO Mark Nuvelstijn lauded the win, noting that it was an exciting opportunity to tap into a liberal market, where everyday users reportedly own more crypto than stocks or ETFs.

“We are excited about bringing our consumer-focused offering to the French market,” Nuvelstijn stated, adding “We anticipate that the factors contributing to our market leadership in the Netherlands will similarly appeal to the French audience.”

See Also: Tether, Bitfinex Now Agree Not To Appeal The Freedom Of Information Law

With the approval, Bitvavo joins a handful of other crypto-focused companies authorized to operate in the French market, including Bitstamp and Binance’s French arm, despite reports indicating that the latter is under preliminary investigation for allegedly violating KYC and anti-money laundering provisions.

The France regulatory approval follows other similar wins by the crypto exchange in other markets.

Bitvavo’s Europe Expansion

Currently serving nearly 1.5 million customers in the Benelux region, Bitvavo has an active registration status in Italy and Austria, granted in 2022 and November 2023, respectively.

While the exchange is focused on European market operations, it made headlines in the U.S. in December last year, claiming that it was trying to recover 280 million euros from U.S.-based Digital Currency Group (DCG) and its subsidiaries, following the collapse of FTX.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.