- Binance partnered with FinTech France through a 100 million euro initiative to develop crypto and blockchain in the country.
- The CEO of CZ said the firm is interested in establishing an official base in the country, as well as continuing to comply with regulations.
The world’s largest cryptocurrency exchange, Binance, is moving hard to establish its presence in France, as well as clear its previously tarnished regulatory image. The cryptocurrency giant, along with French nonprofit FinTech, is driving the adoption of cryptocurrencies and blockchain in the country through a 100 million euro ($ 113 million) fund.
Titled «Target Moon,» the November initiative will see Binance set up a research and development (R & D) office in the country. The company will also support a business incubator program and training programs in collaboration with cryptocurrency hardware developer Ledger and the online education platform OpenClassroom. A Ledger spokesman said the company is partnering with Binance because of its interest in fostering education on the Web3.
Binance may have liked the French option after reports of the country’s fintech growth. According to project management software company Dealroom, the fintech playing field is expanding, with players like Qonto and Lydia receiving hundreds of millions of dollars in funding.
Binance expands its presence in France
Also, the company is looking to paint a compliant organization. This will remove the limitations placed on your operations in different jurisdictions around the world. His pain control points this year include a ban from the British Financial Conduct Authority (FCA). The US Commodity Futures Trading Commission (CFTC) has also launched an investigation into the company. As financial watchers repeatedly issued warnings to Binance, the company was forced to close trading in its digital signals. Other warnings led to the exchange pulling out of Singapore and Iran, among other countries.
Related: Binance discontinues its stock exchange signaling service as Italy and Hong Kong go through regulatory measures
Rather than speak in support of the regulation, Binance CEO Changpeng Zhao (CZ) said the firm is interested in establishing an official base in France. Since its inception in 2017, the exchange has operated without official headquarters, in the name of decentralized crypto motto. This may need to change now that the company is trying to get on the regulator’s agenda. The UAE has also emerged as a potential headquarters for the company, according to a CNF report.
Nevertheless, the governor of the French central bank told Binance that he must have strong anti – money laundering controls if he wants to establish himself in the country. The country’s Digital Minister, Cedric O, made similar claims during the Object Moon announcement. In this regard, said David Princay, CEO of Binance in France
It’s a very positive signal for innovation «, he added:» We have to do a full examination and exploration to pass and that’s the best thing because when we’ll pass, it’s a sign of confidence. , complied with.
We aim to be 100% compliant with all the activities and countries in which we operate ”.
Some of the requirements that Binance must meet will come from the recently approved European Regulation on Crypto Asset Markets (MiCA). The proposal is currently awaiting consultation and parliamentary discussions.