Binance cryptocurrency exchange tries to woo France

[ad_1]

A depiction of the Binance cryptocurrency can be seen in this illustration taken on August 6, 2021.

Given Ruvic | Reuters

Crypto giant Binance is strengthening its presence in France after a turbulent year of regulatory oversight.

The world’s largest cryptocurrency exchange is funding a 100 million euros ($ 113 million) initiative with industry group France FinTech to support the cryptocurrency and blockchain industry in France.

The initiative, announced in November and dubbed Objective Moon, will see Binance establish a research and development office in France and collaborate on a start-up incubator program and training programs.

“The goal of Objective Moon is really to develop an ecosystem and nurture and accelerate an ecosystem. You can’t do it alone,” David Princay, French CEO of Binance, told CNBC.

“We also need to be able to capture talent and have more capacity to grow,” he said of plans to open an R&D office. “Having an R&D center is a step that we must take for our next evolution. “

Ledger, the French crypto hardware company recently valued at $ 1.5 billion, and computer company OpenClassroom are also involved in Objective Moon on the development of educational programs.

France could prove to be fertile ground for the initiative given its growing fintech scene. According to figures from Dealroom, fintech investments in France have exploded this year with exceptional financing rounds for Lydia and Qonto.

Regulatory attention

Binance has had an eventful year in its dealings with regulators around the world. Among his headaches were a ban by the UK Financial Conduct Authority and an investigation by the US Commodity Futures Trading Commission. The company has also ended trading in its digital stock tokens and more recently closed its trading platform in Singapore.

Although its roots are in China, Binance has been notoriously shy about clinging to one place, leaning into maxims of decentralization associated with the crypto industry.

Binance recently changed its tone on this front, however, as CEO Changpeng Zhao spoke out in favor of regulation and his willingness to work with regulators while expressing his interest in France as a base. official operations.

Princay was unsure whether the company’s significant investment in France was a precursor to establishing its official headquarters there; “We have nothing to add yet on this subject,” he said.

However, the company’s movements around the country have not gone unnoticed by watchdogs. Last month, the governor of France’s central bank said Binance must have strong anti-money laundering controls in place if it is to operate in the country.

Meanwhile, the French Minister of Digital Cédric O was present with Binance and France FinTech at the announcement of Objective Moon.

“Cedric O has been very clear with us, they’re welcome to see us and have us, but they’re also very picky and it’s for the best,” Princay told CNBC. He added that Binance is in talks with regulators in France over licensing.

“This is a very positive sign for innovation,” he said of the regulation of crypto in France and in Europe in general. “We have to be fully scrutinized and audited to be successful and that’s for the best because when we do, it will be a sign of trust, of compliance.”

“Our goal is to be 100% compliant in every activity and in every country where we operate. “

Learn more about cryptocurrencies from CNBC Pro

Regulation often catches up with cryptocurrency companies. At European level, the next big industry challenge will be EU regulation of crypto asset markets (MiCA).

MiCA, which was recently approved by the European Council, will introduce greater investor protection and expand licenses and passports for crypto firms in the bloc. It should be discussed in the European Parliament in the coming months.

To raise awareness

Ariel Wengroff is an editor at Ledger and leads the company’s educational content efforts.

She told CNBC that Ledger had joined the initiative with Binance to increase awareness of crypto, blockchain and Web3 – a broad concept of decentralized web services built on blockchain technologies – in its home market. She said the delivery of educational programs is “for the greater good” of the industry as it has evolved much faster than traditional curricula.

“We are still at a stage of mainstream curiosity and if we are to achieve mainstream adoption and individuals to have the education they deserve – to make it a secure, transparent and open source future – then we have to come together as companies to deliver that now, ”she said.

“Education in the web3 should not be something that is isolated or held against each other, it should be open to anyone who wants to learn more about this space.”

[ad_2]