Binance to Step up Investment in France by up to $113M
Binance is cooperating with the French financial technology industry group to invest 100 million euros, which equals $113 million to support the development of the French blockchain industry and cryptocurrency.
The plan was officially announced as Objective Moon in November. The main plan of the world’s leading cryptocurrency exchange by volume is to establish a research and development office in France and cooperate on incubator programs for start-ups and training programs under the strict supervision of the cryptocurrency industry.
David Princay, General Manager of Binance France, stated that project Objective Moon aims to nurture and accelerate an ecosystem to establish a top R&D centre for attracting high-quality talents.
As early as November 12, 2021, Binance CEO Changpeng Zhao pinpointed France as one of the most advanced European nations with clear governing rules in the crypto ecosystem. This makes the country a natural fit for opening a regional and central headquarter.
Therefore, Binance is actively strengthening its business in France.
The French encryption hardware company Ledger, which was recently valued at US$1.5 billion, and the educational technology company OpenClassroom, also participated in the development of Objective Moon’s education project.
Binance was initially based in Hong Kong, but due to China’s strict policy of suppressing the cryptocurrency industry, Binance’s application will terminate Customer to Customer (C2C) Chinese Yuan (CNY) trading before 2022.
On December 14, Binance Asia Services Ltd withdrew its application for a local license to run a bourse in crypto-friendly Singapore and shut down its trading platform.
Last month, the French government stated that its central bank governor explained that if Binance wants to conduct business in the country, it must conduct strong anti-money laundering inspections.
France’s digital minister Cedric O mentioned when receiving CNBC’s interview regarding to the regulatory issues in France and Europe:
“We need to be fully scrutinized and audited to pass and that’s for the better because when we’re going to pass, it is going to be a sign of trust, compliance.”
Binance is negotiating cooperation with French regulators and said that:
“Our aim is to be 100% compliant in every activity and country we operate.”
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