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Binance CEO Outlines Exchange's European Expansion

Binance CEO.

The Binance CEO views France as a natural choice for its European expansion plans by establishing its headquarters in a local jurisdiction

Digital Asset Service Provider in 2022

Binance is foraying into Europe via France to gain Digital Asset Service Provider status in 2022, Changpeng Zhao (CZ) told Les Echos in an exclusive interview. Binance recently announced its engagement with France Fintech, a French non-profit organization for 'Operation Moon'. Binance committed €100 Million for research and development, education, and accelerator programs.

In an exclusive interview, CZ expressed his vision for a France-based operation - 'There is no passport for this type of activity yet, which means that we have to get authorization for every country. As soon as possible, France will be the natural choice for regional headquarters, and even maybe global.'

Binance started out as a technology startup but with the exponential growth in the crypto industry, its role has changed to that of technology and financial service provider. In four short years, he has grown to become one of the industry movers in the crypto space. Regulation and compliance are finally catching up to the crypto market as crypto assets go mainstream.

Binance and other crypto-related institutions have faced an uphill task with regulators around the world. The US Securities and Exchange Commission (SEC) is reportedly investigating the Uniswap and Circle Central Consortium members responsible for issuing the USDC stablecoin.

Challenges Of Traditional Exchange

CZ also talked about the recent rally that saw Bitcoin and Ethereum prices hit all-time highs. There has been speculation that the recent rally was contributed by the approval of the Bitcoin Exchange Traded Fund (ETF) which CZ believes contributed little to the Bitcoin price. Instead, the long-term factor is the gradual decline in Bitcoin supply.

Binance saw a sharp increase in the number of users. It has jumped from 20 million to 85 million this year. In an interview with Bloomberg, CZ also acknowledged ETFs as a positive development that allows traditional exchanges to reach customers that crypto exchanges cannot.

CZ rejected a suggestion from a Bloomberg host that traditional exchanges become competitors of crypto exchanges. Crypto exchanges are only able to penetrate a small part of the global population and if traditional exchanges bring in more customers, it is a big win for the industry.

Finding a Home in Europe?

Regulation is one of the main challenges facing Binance as regulators no longer recognize a decentralized organization. Binance started its operations without a headquarters. However, with more than 3,500 employees worldwide and with more than 600 employees in charge of regulation, Binance recognizes that regulation is necessary.

CZ confirmed that Binance has plans to set up its headquarters at every level; local, regional and global. France is an ideal choice for regional or even global headquarters. The recent initiative, 'Operation Moon', is indicative of Binance's commitment to the growth of the crypto industry in Europe through France.