By Nathan Ferguson
Binance, following years without any long-standing home, has focused its attention towards France to be its final destination. Changpeng Zhao (the exchange’s founder) stated that the country would be the regular selection regarding a head office.
France, the expected home for Binance
It has been revealed by Changpeng Zhao (the CEO of Binance) that the respective country will provide the best location for headquartering Binance (which has up till now mostly accepted a decentralized status. He disclosed this during an interview with Les Echos (a French paper) this week, in which he additionally expressed his opinion regarding the topical problems in the ecosystem of cryptocurrency. On being asked about his strategies regarding building a headquarters in Europe, he responded in affirmative. He referred to the growing regulatory pressure and indicated the need for global, regional, as well as native offices.
To a great extent, the natural choice for a global as well as regional head office would be France, Zhao described. In advance of constructing an office, he mentioned that the instant trial for Binance deals with acquiring the native authorizations. He unveiled that the respective exchange is beforehand conversing with the watchdogs, and he is quite optimistic for an approval to be provided during the period of up to 6-12 months. He elaborated that the watchdogs are pro-business but much difficult to be handled, and are determined to guarantee that the exchange fulfils the entire requirements.
France, as well as, Binance have traversed the tracks previously following the announcement of the exchange to fund 100M euros for the development of the crypto ecosystem of France. Changpeng Zhao further explained that 20% of the funds would be spent on native crypto investments, whereas an additional 20% thereof will be specified for sponsorship and education. The decision of the exchange to shift in France stunned the community as during the recent month, Ireland was suggested by Zhao as being planned for a global headquarters.
A group of ex-regulators
During August, the Binance CEO prioritized incorporating more personals having regulatory and compliance experience. In the last month, a former agent of Europol, Nils Andersen-Road, entered the exchange being a participant of the investigations team as well as the audit. An ex-agent of IRS, Tigran Gambaryan, got the post of Global Intelligence and Investigations’ Vice President whereas a former criminal investigator at US Treasury, Greg Monahan, is currently serving as the reporting officer for the Global Money Laundering.