Key takeaways
- The CEO of Binance has announced intentions to open French headquarters.
- Binance is noted for its comprehensive crypto trading tools for users and accounting for 70% of all crypto transactions on the market.
- Les Echoes received Binance CEO Changpeng Zhao’s HQ proposal on November 9th. Zhao stated in the interview that Binance hoped to obtain legal status in France by 2022.
Binance is noted for its advanced crypto trading tools for customers and accounting for 70% of all crypto transactions in the market. Binance’s CEO stated a few months ago that the company is working hard to make the Binance platform better and more user-friendly to comply with global regulators’ standards. In addition, Changpeng Zhao, the company’s CEO, has announced his ambitions to establish a digital asset service provider in France by next year.
According to an interview with a local news outlet, the crypto exchange platform has a renewed interest in opening up shop in France following a $116 million investment in the country’s decentralized ecosystem. Following Binance’s $ 116 million partnership with a French charity, Fintech, to construct a research center and accelerator, the business now appears to be aiming to establish itself in the nation.
However, despite what he told Reuters last month, Ireland is not part of their plans for a new headquarters.
Les Echoes received Binance CEO Changpeng Zhao’s HQ proposal on November 9th. Zhao stated in the interview that Binance hoped to obtain legal status in France by 2022.
“France will be a natural choice for a regional headquarters, and perhaps even a global one,” Zhao stated in an interview with Les Ecos.
Although, last month, Binance CEO Changpeng Zhao was sighted in Dubai, having a meeting with regulators that was said to be about the company’s Dubai headquarters. Zhao’s exclusive interview, however, has dispelled any concerns and exposed Binance’s genuine motivations.
Financial regulators in the United Kingdom and Japan have cautioned the corporation against functioning without permission. In addition, Binance’s suggested action plans in Germany enraged German officials.
Zhao says he welcomes the rule and is confident that Binance’s 600-strong compliance staff will stay afloat. In 2021, the firm recruited 150 compliance and regulatory relations personnel, putting more than 15% of its 3,500 employees in charge of easing their regulatory concerns.
“There are clear advantages to operating a large platform. At Binance, our global leadership (70% market share ahead of Coinbase, which has 8%) allows us to invest hundreds of millions of dollars to improve our infrastructures (robustness, security, customer services, etc.). Investing on a large platform is less risky and cheaper (in terms of commissions) for an investor. Regulation favors large players who can pay the cost. Of more than 3,500 Binance employees, 600 (over 15%) are responsible for compliance and relations with various regulators, and we have recruited 150 in 2021. We also offer better liquidity.”, claimed Zhao.
However, there are several concerns about the Binance exchange’s crypto activities. Nonetheless, Binance CEO Zhao stated that the company would always embrace regulation. Furthermore, his 600-strong compliance staff will manage these issues with ease, resulting in a better ecosystem for the Binance exchange’s crypto operations within global legal frameworks.
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