Cryptocurrency exchange giant to establish head office in France

Binance, the cryptocurrency exchange giant has announced that the company plans to begin providing digital services in France by next year. The crypto exchange processes 70% of all crypto transactions worldwide. Despite this, regulators have continued to cast aspersions on the business due to a lack of a physical location and unregistered status.

Binance CEO, Changpeng Zhao, stated that it’s time for them to settle down. He continued, stating that France would be an ideal choice for a regional and perhaps even worldwide headquarters. Binance was rumored to have set up offices in Dubai in recent weeks, following the CEO’s visit there. These reports were debunked in an exclusive interview with LesEchos.

According to an interview, the cryptocurrency exchange’s new focus on establishing operations in France came following its most recent $116 million funding for developing France’s decentralized environment.

Cryptocurrency Exchange Strive for Crypto Regulatory Compliance

Binance is aiming to get a digital asset service provider license from the Autorité des Marchés Financiers (AMF) within six to 12 months. According to their conversation, the AMF has been “pro-business” but rigorous. In the meantime, they will operate as an international platform until it has received approval.

The firm understands that it has incurred a lot of global regulatory anger. As a result, they’ve made the decision to be regulator and consumer safety conscious in order to reduce risk. According to the CEO, they invest a significant amount of money in order to stay compliant with crypto rules. Additionally, over 15% of their employees are dedicated to compliance management and government relations. In order to follow global cryptocurrency regulations, the business added 150 more personnel.

In just four years, Binance has established itself as a cryptocurrency exchange pacesetter in the industry. It is accessible worldwide and provides all cryptocurrency services and items. Their winning strategy is to invent goods that their customers enjoy and value.