What's in this article
- Binance wants to establish a regional or global head office in France.
- The Exchange will invest €100 million intl the French crypto ecosystem.
- More ex regulators are likely to join the Binance team in a bid to ease to bolster its relationship with compliance authorities.
The world’s largest cryptocurrency exchange by trading volume, Binance plans to adopt France as its new home after months of operating a decentralized nerve center system.
According to the firm’s CEO, Changpeng Zhao, who spoke exclusively to French news media platform Les Echos, says the exchange wants to do so “as soon as possible.”
“We started our activity as a decentralized organization but it must be noted that the regulators do not very well receive this,” Zhao said. “As soon as possible, France will be a natural choice for a regional, and even perhaps global, head office.”
Zhao described Autorité des marchés financiers (AMF), France financial watchdog, as “pro business,” adding that the exchange hopes to get the PSAN (digital asset service providers) approval within 6 to 12 months.
As part of plans to establish a permanent base in France, Binance exchange will invest 100 million Euros in developing the French crypto ecosystem.
The fund will be used for research, development, education, sponsorship, and recruiting new staff.
Changpeng Zhao says he plans to visit other European countries, including the FCA in the UK.
However, he decided to touch down in France first after being informed that it is “the most advanced financial center in the regulation of cryptos.”