Crypto exchange Luno wins registration battle with French authorities

By Stephan Roth on Wednesday 3 August 2022

Alternative LendingDigital Banking

Luno on track to be the first digital asset firm to receive full licensing

Crypto exchange Luno wins registration battle with French authorities
Image source: LunoTeam/Luno.

London-based Luno said on Tuesday that it had registered for a digital asset service provider licence (DASP) by French regulators. 

The DASP registration will allow Luno to offer its digital assets custody, purchase and sales of digital assets and exchange business directly to its French customer base. 

Prior to obtaining the registration, Luno could only cater to their customers on a passive marketing basis. 

"Our DASP registration represents a key step towards achieving our strategic growth plans," said Marcus Swanepoel, the chief executive and founder of Luno. 

By obtaining a full license, the crypto exchange will be able to not only provide services to French customers, but actively engage in marketing operations. 

Luno's triumph follows in the footsteps of crypto giant Binance, which received a DASP registration from the AMF in early May

Binance's registration occurred after it announced a €100n investment in the country and a partnership with Paris-based startup incubator Station F. 

For both Luno and Binance, obtaining a DASP registration marks the first step in their quest to obtain a full license from the Autorité des marchés financiers (AMF). 

At present, no DASP has obtained a full license in France.

Founded in 2013, Luno was acquired by Digital Currency Group in 2020, the umbrella company that owns USDC stablecoin company Circle and crypto news publication CoinDesk among notable names in the industry. 

Luno's current customer base sits at around 10 million, with the exchange welcoming an additional 1 million new customers in April. 

A spokesperson at Luno has confirmed the exchange is looking for registration with the FCA however, the process is "ongoing".

 

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