• In the midst of regulatory challenges, Binance CEO reveals plans for a France headquarters

  • Changpeng Zhao, co-founder and CEO of Binance, has stated that he hopes to obtain digital asset service provider status in France by 2022. The exchange is a global market leader, accounting for 70% of all crypto exchange transactions.

    Following Binance’s $116 million investment with a nonprofit French Fintech to establish a research hub and accelerator in France, the company appears to be looking to establish a permanent presence in the country. Despite telling Reuters last month that Ireland was part of its plans for a new headquarters, this is not the case.

    “France will be a natural choice for a regional, and possibly global, head office,” Zhao said.

    It hasn’t been easy for the world’s largest cryptocurrency exchange lately, with regulators from all over the world cracking down. Financial regulators in the United Kingdom and Japan have warned the company against operating without permission. Binance’s proposed stock tokens in Germany drew the ire of the country’s regulators.

    Despite the harsh regulatory reception, Zhao claims that he welcomes regulation and believes that Binance’s 600-strong compliance team will help it weather the storm. In 2021, the company added 150 employees responsible for compliance and regulatory relations, bringing the total number of employees to 3500, representing more than 15% of the total.

    “We want to be governed,” he stated. “At this point in our development, this will allow us to grow more quickly.” Crypto has already been adopted by 5% of the world’s population, or 400 million people; they are pioneers. We now need to persuade the remaining 95%.”

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