Binance: What strategy in France?

Last week, Changpeng Zhao, founder and CEO of the Binance platform was in Paris. On this occasion, he took the opportunity to detail the crypto giant’s plans for France. With in particular a request from PSAN to exercise its activity on French soil. But also an ambitious investment plan of 100 million dollars on French territory.

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The policy of the ostrich gives way to that of cooperation. In any case, this is the image that Binance now returns. After being taken by the throat of regulators around the world, the company appears ready to collaborate. This is probably the price it costs to continue to grow. Whether in France or elsewhere in the world.

A PSAN request made in France

A PSAN request made in France While the Binance platform has historically been in conflict with regulators, the CEO recently made it known that the company’s policy will focus on more cooperation. To be able to establish itself legally and durably in France, Binance comes from elsewhere apply for PSAN in order to be recognized as a “Service Provider on Digital Assets”. A status that will allow Binance to operate more easily in France.

Good to know : The PSAN was introduced by the Pacte law of 2019. A law which then requires platforms and exchanges to register with the AMF within 12 months of their creation.

In terms of time, the platform hopes to have the precious sesame within a period of between 6 months and a year.

$ 100 million to develop the crypto ecosystem

This is the strong proposition made by the boss of the exchange Binance. Thanks to its plan soberly named “Objective moon“, The platform wants to deploy 100 million euros. An amount which is intended in particular to raise general public awareness of blockchain technologies and the world of digital currencies.

When he came to Paris, the CEO of Binance also spoke with Cedric O, the secretary of state in charge of digital. Of the 100 million that the group wishes to invest in France, the group has already announced concrete measures such as:

  • The establishment of a research and development center on blockchain technologies
  • The creation of online training courses to raise awareness of crypto-assets. Via a partnership with the french ledger unicorn.

For some observers, this amount of 100 million would mainly aim to speed up the regulatory procedures of the company on French territory. In the coming days or months, the CEO of Binance is planning to meet with various policymakers or regulators across Europe.

A head office in Paris?

A head office in Paris? The decentralization strategy proudly advocated by the platform now seems to be over. And made incompatible by the size that Binance has taken in recent years. Over the past 12 months, the platform has grown from 20 to over 85 million customers. As Changpeng Zhao recalls:

We started our activity as a decentralized organization, but it must be noted that this is not very well received by the regulators. However, this industry must be regulated. We are therefore in the process of setting up headquarters at several levels: local, regional and global.

And for that, the name of Paris begins to return. For the installation of a regional or even global headquarters. Statements from the CEO that remain to be taken with a grain of salt. For now, and for tax reasons, the Binance platform has chosen to settle down in Ireland. Paris will therefore have to wait.

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