Changpeng Zhao outlines plans to open Binance headquarters in France

Binance expects to obtain the status of a digital-asset service provider in France within six to twelve months. The remark was made by its chief executive Changpeng Zhao in an interview with Les Echos.

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In November, the Bitcoin exchange and France FinTech launched a €100 million initiative to support blockchain- and cryptocurrency-related projects in France. That reduces Ireland’s chances of being the country of registration for the headquarters, something Reuters previously reported.

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France is the natural choice for a regional and possibly global headquarters. We want regulation to accelerate growth. Five per cent of the world’s population (400 million people) has already adopted cryptocurrencies. We need to persuade the remaining 95%. To do that, trust must be built — with contacts with local authorities and offices where clients can resolve problems, — said Zhao.

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According to him, 600 of Binance’s 3,500 employees are responsible for compliance. A quarter of them joined in 2021.

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Mr Zhao plans to meet with representatives of the FCA.

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Earlier in September, Binance’s CEO said he was abandoning a decentralised business model.

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Earlier, amid a series of regulator warnings, Zhao published an open letter in which he outlined the exchange’s plans to ensure regulatory compliance and client protection.

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