Binance establishes headquarters in France

The leading cryptocurrency exchange Binance has faced numerous regulatory challenges in recent months.

Binance has faced numerous regulatory challenges around the world in recent months. However, the exchange wants to put all the difficulties behind it and is already looking forward to expanding its presence until next year.

Co-founder and CEO Changpeng Zhao announced in an interview with Les Echos that Binance plans to establish its headquarters in France by 2022. According to CZ, the cryptocurrency exchange hopes to receive the status of a digital asset service provider in France by next year.

This latest development comes a week after Binance’s $116 million initiative with the nonprofit French fintech. The cryptocurrency exchange intends to build a research center and accelerator in France. Changpeng Zhao explained:

“France will be a natural choice for a regional and perhaps even global headquarters.”

CZ’s admission to setting up a headquarters in France contradicts Reuters’ report last month that the cryptocurrency exchange plans to set up a base in Ireland. Despite Binance’s regulatory challenges, CZ welcomes regulation in the cryptocurrency space.

Binance has hired new staff in recent months and now employs more than 600 people in the compliance department. CZ believes that the team they put in place will allow the crypto exchange to weather the storm.

“We want to be regulated. This will allow us to grow faster at this stage of our development. 5% of the world’s population – 400 million people – have already used crypto, they are pioneers. We want to convince the remaining 95% now“, he added.

Binance remains the world’s leading cryptocurrency exchange in terms of daily trading volume. A recent report also showed that the stock exchange is the leader in terms of visitor numbers. Binance recorded more than 170 million visitors last month, surpassing other centralized exchanges and decentralized trading platforms.

Decentralized exchanges such as Uniswap and Pancakeswap have quickly established themselves in the crypto space, but still lag behind their centralized counterparts in terms of trading volumes and monthly visits.

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