Technology

Cryptocurrency exchange Binance tries to impress France

This graph taken on August 6, 2021 shows the representation of cryptocurrency accounting.

Given Ruvik | Reuters

Binance, a crypto company, is strengthening its presence in France after a difficult year of regulatory scrutiny.

The world’s largest cryptocurrency exchange is funding a 100 million yen ($ 113 million) initiative with the France Fintech industry group 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 an incubator program and start-up training programs.

“Objective Moon’s mission is really to create an environment and accelerate the development of an ecosystem. You can’t do it alone, ”David Brinke, Binance’s French CEO, told CNBC.

Commenting on plans to open an R&D office, he said: “We need to attract talent and have more potential to grow. Having an R + D + i center is a step that we must take in our next evolution.

Ledger, a $ 1.5 billion French crypto hardware company, and Etech, an open-class technology company, recently helped develop educational programs at Objective Moon.

France could be fertile ground for the initiative of its growing Fintech screen. According to Dealroom statistics, Fintech investments in France have inflated this year with exceptional financial rounds for Lydia and Qonto.

Regulatory guidance

Binance has had a tumultuous year in its dealings with regulators around the world. A. in his headaches Ban and investigated by the UK Financial Conduct Commission by the US Commodity Futures Trading Commission. The company stopped trading its digital stock tokens and more recently closed your trading platform in Singapore.

Despite its roots in China, Binance is ashamed to continue anywhere, leaning towards the pinnacle of decentralization associated with the crypto industry.

Binance has recently changed its tune on this front, however CEO Changpeng Zhao has spoken out in favor of regulation and a willingness to work with regulators on disclosure. Interested in France As the official website of the activities.

Princay has not said firmly whether the company’s significant investment in France was a precursor to the establishment of its official headquarters there; “We haven’t added anything yet,” he said.

However, the movements of the company in the country have not been made known to the observers. The governor last month, the Central Bank of France said that if Binance wants to establish operations in the country, there must be strong evidence to prevent money laundering.

Meanwhile, French Minister of Digital Cedric O’Brien attended the Objectif Lune announcement with Finance and France Fintech.

“Cedric O. He was very clear with us, they are welcome to see us and welcome us, but they are also very much needed, and that’s good,” Brinkhe told CNBC.

“This is a very positive sign of innovation,” he said of the regulation of cryptocurrencies in France and in Europe in general. “We need to be scrutinized carefully and under control to pass, because it is good, because when we pass, it will be a sign of confidence, of conformity. “

“Our goal is to comply 100% with all the actions we carry out in the country. “

Control often catches up with crypto companies. At the European level, EU regulation on crypto assets (MiCA) will be the next big challenge for the industry.

MiCA, recently approved by the Council of Europe, will introduce greater protection for investors and extend licenses and passports to crypto companies. It should be debated in the European Parliament in the coming months.

To raise awareness

“We are still at a critical juncture. If we are going to have major adoptions, if people are to get the education they deserve, to have a secure, unrestricted and open source future, we have to come together. Companies must get there now, ”he said.

“Education on the web3 should not be about silence or behavior, it should be open to anyone who wants to know more about this place. “

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