Binance is Considering France for its Central HQ

Binance Holdings Inc., which operates the biggest global cryptocurrency exchange platform is contemplating building the central headquarters in France. 

Changpeng Zhao, Binance CEO in an interview with the French news network Les Echos that even though Binance started as a decentralized operation, laws need to be put in place to ensure its success moving forward, and choosing strategic geographical locations is a big part of achieving this long-term goal. 

Changpeng Zhao disclosed that Binance “started our activity as a decentralized organization but it must be noted that this is not very well received by the regulators. However, this industry must be regulated. We are therefore in the process of setting up headquarters at several levels: local, regional and global.”

Among all the European countries, France is among the most progressive in the ecosystem of cryptocurrencies with well-defined standards, and naturally, this makes France a prime candidate for both regional and central headquarters, according to Changpeng Zhao. 

As a first objective, Binance wants to obtain crypto exchange approvals locally. Seeing as a passport for an activity of this kind is not yet issued, Binance would have to obtain authorization for each country. 

Changpeng Zhao explained that “as soon as possible, France will be a natural choice for a regional, and even perhaps global, head office. We hope to obtain PSAN (digital asset service providers) approval from the Autorité des marchés financiers within 6 to 12 months, but it all depends on the regulator.”

The campaign for France will not be easy, according to Changpeng Zhao, who claims that the regulator’s attitude to the company overlooks its role as a prominent actor in the cryptocurrency market.

The Binance CEO had quite a lot to say about the crypto regulations, claiming that Binance fully supports the regulation of the crypto market, although the platform’s run-ins with regulators have not been easy. As Binance prepares to enfold regulations by collaborating with relevant regulatory parties, Changpeng Zhao believes that competition will be reduced as a result, primarily due to the participation of more than 100 smaller trading platforms that are set to fade due to market regulations. 

Also read: While Someone Bought 14 Million Tokens On Binance, $140 Million Worth Of XRP Were Moved Between Wallets