Following constructive dialogue with French regulators, France is being considered as a possible location for Binance’s headquarters.
According to Binance CEO Changpeng Zhao (CZ), France is a “natural choice” for a regional or even global headquarters.
“France will be a natural choice for a regional, and possibly global, headquarters.”
CZ discussed the difficulty of establishing physical locations with the French financial media group Les Echos, a move prompted by the global regulatory crackdown on Binance, which began this summer.
The backlash prompted a slew of drastic changes to the platform, including the removal of Singapore dollar trading pairs and the limitation of futures leverage to x20, to name a few.
Binance stated that changes to its operations were brought about by the need to meet regulatory compliance in all cases.
Binance is attempting to address regulatory concerns.
While some saw the crackdown as an attack on cryptocurrency by targeting the world’s largest exchange, others said the changes to Binance’s operations were long overdue.
The sub-Reddit r/Binance Lawsuit, in particular, features the stories of dissatisfied Binance customers who describe their experiences as fraudulent, prompting calls for legal action.
CZ has consistently stated that Binance is dedicated to putting its customers first. Any issues that arose were the result of the platform expanding too quickly, rather than a deliberate attempt to defraud.
“Binance has grown quickly, and we don’t always get everything right, but we’re learning and improving every day.”
In any case, CZ stated that the company is responding by beefing up its compliance team, including the appointment of key figures with the necessary compliance experience to the board level.
What is it about France that makes it so appealing?
Binance’s decentralized structure has been a major source of criticism. That is, it does not have a physical headquarters where complaints can be addressed.
CZ stated that this is something they have been working on, and that the company is considering having local, regional, and global locations.
“However, this industry does need to be regulated.” As a result, we are in the process of establishing headquarters at three levels: local, regional, and global.”
CZ stated that the French regulators, the Autorité des marchés financiers (AMF), were “pro-business,” clear, and demanding of Binance’s presence in the country.
CZ stated that he had applied for PSAN (digital asset service providers) approval and that more information would be available in the next six to twelve months. And a French location is still contingent on the outcome of the PSAN application.