Crypto Exchange giant, Binance CEO, Changpeng Zhao recently revealed his plans to become a digital asset service provider in France by next year. According to an interview with a local news publication, the crypto exchange platform, now has a newfound interest in setting up shop in the country post its recent investment worth $116 million in boosting France’s decentralized ecosystem.
While Binance globally accounts for 70% of crypto exchange transactions, yet the company has received considerable backlash from regulators worldwide for lack of a physical presence along with its unregistered status. Zhao noted that the exchange is finally looking to settle down and that “France will be a natural choice for a regional, and even perhaps global, head office”. Although, last month, Binance CEO, Changpeng Zhao was spotted in Dubai, attending a meeting with the authorities, which was speculated to be regarding Binance Dubai HQ. Nevertheless, Zhao’s exclusive interview has clarified doubts and revealed Binance’s true interests.
Binance efforts to comply with crypto law globally
Binance admits that it has suffered a substantial sum of regulator’s wrath from across the globe, however, now that it has decided to become regulator as well as consumer protection conscious, it noted that being a large player comes in handy with it. Binance CEO highlighted that the company invests an eminent amount of money in abiding by the updated crypto laws. According to Zhao, over 15 percent of Binance employees are dedicated to compliance management and maintaining relations with the regulators. Furthermore, the company has hired 150 more employees this year responsible for keeping the company in line with global crypto laws.
“There are clearly advantages to operating a large platform. At Binance, our global leadership (70% market share ahead of Coinbase which has 8%) allows us to invest hundreds of millions of dollars to improve our infrastructures (robustness, security, customer services, etc.). Investing on a large platform is less risky and cheaper (in terms of commissions) for an investor…Regulation favors large players who can pay the cost. Of more than 3,500 Binance employees, 600 (over 15%) are responsible for compliance and relations with various regulators and we have recruited 150 in 2021. We also offer better liquidity.”, said Zhao.
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