In the list of things to do, Binance can check “done” in front of the box “registration with the Autorité des marchés financiers (AMF)”. For neophytes, Binance is quite simply the world’s largest platform for buying cryptocurrencies and NFTs. The formality was essential to the development of the platform in France and beyond in Europe. Because Binance, founded five years ago by Changpeng Zhao in Hong Kong, has not always had the wind in its sails. Last year, for example, the British regulator banned Binance UK from operating on English soil.
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Installation within station F
To set up in France, Binance did not skimp on the means. He moved to Station F, Xavier Niel’s incubator, to support start-ups wishing to develop crypto-assets, blockchains and metaverses. Since May 4, it has been registered in France as a digital asset service provider with 36 other digital currency players. This registration concerns the “custody of digital assets”, their purchase and sale against legal tender currencies or even the exchanges and the operation of a securities trading platform, according to the AMF website. In total, the AMF now lists more than thirty companies registered in this sector, which requires verification of “the integrity and competence of the managers” as well as compliance with the regulations.
First stock exchange of world size listed in France
The news was enthusiastically welcomed by Cédric O, Secretary of State for Digital Affairs, who tweeted: “Binance’s choice to make France its European headquarters is a very strong signal of the FrenchTech dynamic. Investments, support for the “innovation, talent, appropriate regulations,… in cryptos as in all of tech, France wants to be a leader. ” This registration “as a service provider on digital assets” is the group’s first in Europe, specified in a press release Binance which claims to thus become “the first major global cryptocurrency exchange to register in France”. The registration subjects the company’s activities “to French regulations on the fight against money laundering and the financing of terrorism, and provides important regulatory protection for local users”, she argues.
The choice of @Binance to make France its European headquarters is a very strong signal of the dynamic #FrenchTech. Investments, support for innovation, talents, appropriate regulations,… in the #cryptos as in all of tech, France wants to be a leader. https://t.co/RIB7NSeHUT
— Cedric O (@cedric_o) May 5, 2022
Significant development
Binance now intends to develop “significantly its operations in France and intends to recruit up to 250 people focused on the development of cryptocurrencies and blockchain infrastructures”, the technology that serves as the basis for cryptoassets. It will now be able to compete in particular with the French company Coinhouse, which aims to become “the future European cryptobank” and which has also obtained AMF registration.
Fortune estimated at 96 billion dollars
Binance’s value and Changpeng Zhao’s fortune are both colossal and subject to wild swings. According to Bloomberg, as of January, Changpeng Zhao was among the wealthiest in the world, with $96 billion. In May, Bloomberg only credits it with $24 billion. The interested party claims not to be interested in these stories of classifications, because they distract him from more important things.
Unconditional support for Elon Musk
And precisely, the important things are not lacking. It is the subject of investigations by the American financial authorities, it has been the subject of warnings in particular in Japan, Germany and Canada. Whatever, according to FinancialTimes, he has become the new accomplice of Elon Musk who is seeking funds to finance the takeover of Twitter. He would be ready to give him almost unconditional support. Concretely, he has already committed for 500 million dollars and seems ready to go as far as necessary to finalize the operation.