Binance exchange plans to open a headquarters in France

Binance Chief Executive Officer Changpeng Zhao announced his intention to become a digital asset service provider in France and establish a headquarters there. He pinpointed that the creation of a head office will simplify the exchange’s relations with regulators.

Earlier, the Central Bank of the Netherlands has already stated that Binance provides cryptocurrency services without the necessary permission, thereby breaking the law. Also the regulators of Korea and Malaysia demanded that Binance cease its activities on their territory.

Binance accounts for about 70% of cryptocurrency transactions in the world, but this year the exchange has faced negative reactions from regulatory authorities due to the unofficial status and the lack of a central office. Binance CEO believes that the opening of the headquarters and obtaining the necessary permits from the authorities will enhance the credibility of customers in the exchange and accelerate its development.

Zhao noted that France is a reasonable choice for hosting a regional and even, possibly, a global head office. In his view, France is one of the most developed European countries with clear regulation of digital assets.

Obviously, the choice of this particular country is not accidental, since in early November Binance, together with France FinTech, launched the project “Objective Moon” aimed at the development of cryptocurrencies and blockchain in France. But only a month ago, Zhao was in Dubai for negotiations with the authorities, which, according to rumours, were related to the opening of the Binance headquarters. However, during an interview for a French TV channel, the CEO of the exchange revealed his true intentions and plans.

According to Zhao, Binance invests heavily to comply with cryptocurrency laws. At the moment, about 15% of the employees of the exchange are engaged in ensuring compliance with requirements and maintaining relations with regulatory authorities. In addition, this year Binance has hired another 150 employees who monitor compliance with global digital assets laws.

The priority goal for Binance now is to obtain permission to provide digital assets services. Zhao believes that it will take from 6 to 12 months to obtain a licence, but in fact everything depends on the regulator.

The chairman of France FinTech, Alain Clot said that Binance has a unique experience and can take a leading position in Europe in the field of digital assets. Cooperation with Binance will promote the further development.

Earlier Binance Labs, the venture capital arm of the crypto exchange Binance, has invested in a blockchain-based game.

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