Digital Assets: Rootless Binance Maybe Mulling France As HQ

December 31, 2021 | Digital Assets, News

In what may be a preparatory move, Binance has recently unveiled a 100-million-euro ($113-million) initiative in France to develop its crypto and blockchain industry.

Binance has launched Objective Moon in France in collaboration with industry group France FinTech. The $113 million program will help develop the crypto and blockchain sectors, establish a research and development office, and run an incubator drive to support startups and training programs in France. The $1.5 billion French crypto hardware company Ledger and OpenClassroom, an edtech company, will also participate in Objective Moon and develop educational programs. (CNBC)

Binance: Growth plans in France

David Princay, Binance’s French GM, told CNBC that the program sought to develop an ecosystem and to nurture and accelerate an ecosystem.

On plans for an R&D office Princay said: “We need to be also able to capture the talent and to have more capabilities to grow bigger. Having an R&D center is one step that we need to go for our next evolution.”

Spreading wings across the globe

Binance may also be prepping to drop anchor in France as its global base, after enduring regulators’ censure over the last year for various alleged lapses and shortcomings that led to a ban by the UK’s FCA and an investigation by the US CFTC. In Singapore, Binance had to shut down its trading platform. Nevertheless, Binance remains the top crypto exchange globally.

It was not all bad though. This month the company’s affiliate firms received licensing and approval from regulators in Bahrain and Canada to provide crypto asset related services.

Binance also signed a cooperation agreement with Dubai World Trade Centre Authority (DWTCA), helping advance Dubai’s commitment to establishing a new international virtual asset ecosystem.

Last month, co-founder and CEO Changpeng Zhao said he hoped to obtain digital asset service provider status in France in 2022. He also commented in an interview that France would be a natural choice for a regional, or even perhaps global, head office for the crypto exchange.

However, to CNBC, Princay was non-committal on whether the significant investment in France by the company indicated plans for a HQ in that country.

Related Story: Bahrain, Canada Approve Binance As Crypto Asset Service Provider

Image Credit: Flickr

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