In Brief:
- CEO Changpeng Zhao believes to obtain a digital service provider in France by the next year.
- Earlier, the company pretends to relocate its headquarter to Ireland.
- Binance has been facing regulatory scrutiny in many countries such as the U.S, United Kingdom, and Australia.
Binance key person and CEO Changpeng Zhao has stated that he expects to receive digital asset service provider status in France by next year, 2022. Binance is the biggest crypto exchange platform in the world, which holds nearly 70% of crypto exchange transactions across the globe.
Binance has taken initiative worth $116 million to work with nonprofit French Fintech to establish a research hub and expand its business in France, which seems like a company wants to settle down in the country after facing a rage in the U.S.
Earlier, Binance was looking towards Ireland for its new headquarter settlement.
“France will be a natural choice for a regional, and even perhaps global, head office,” said Zhao in an interview.
For the last few months, Binance was continuously facing regulatory scrutiny from different countries and in some instances, the company had to end its services. In the United Kingdom and Japan, regulators warned the company as it’s not permissible. Moreover, Binance employees are also accused of insider trading and investigated by the Commodity Futures Trading Commission (CFTC).
To prevent any adverse impact on Binance’s crypto operations, Zhao hired a 600 strong compliance team to work with the regulatory authority in a healthy manner. The company added 150 employees, who accounted for compliance and relations with regulators in 2021, which means more than 15% of its total staff are allocated to ease tension with regulators.
“We want to be regulated,” he said. “At this stage of our development, this will allow us to grow faster. 5% of the world’s population — 400 million people — have already adopted crypto, they are pioneers. We now want to convince the remaining 95%.”
