Binance Holdings Ltd. plans to establish its headquarters in France as a strategic location as a result of the need to grow
Binance Chief Executive Officer Changpeng Zhao (CZ) told the French news channel Les Echos that the trading platform began as a decentralized operation, but that it now needs to adopt laws in order to thrive. Establishing a headquarters in strategic locations is one way to do this.
“We began our operations as a decentralized organization, however, it is important to highlight that this is not well appreciated by regulators.” This enterprise, however, must be regulated. As a result, we’re establishing headquarters on multiple levels: local, regional, and global,” CZ explained.
France, according to the CEO, is one of the most advanced European countries in the crypto ecosystem, with clear regulatory standards. According to the crypto veteran, this makes the country an ideal location for a regional and, more than likely, a central headquarters.
“Obtaining municipal authorizations to set up crypto exchanges is our top objective.” “As soon as feasible, France will be a natural candidate for a regional, and possibly worldwide, head office,” he said, adding that “there is no passport for this type of business,” which means “we have to seek a permit for each country.” We’re hoping to get PSAN (digital asset service providers) permission from the Autorité des marchés financiers in the next 6 to 12 months, but that depends on the regulator.”
The campaign for France will not be easy, according to CZ, who claims that the regulator’s approach to the firm ignores its role as a prominent player in the crypto market.
Binance CEO On Crypto Regulation
Despite its evident issues with regulators throughout the world, the Binance CEO stated during the interview that he and his company are not opposed to regulations. While Binance is claimed to be willing to engage with relevant authorities across the board to accept rules, CZ believes that restrictions can stifle competition.
“As a major player in the market, we aim to contribute to the development of excellent industry practice.” Around a hundred small trading platforms are on the verge of being phased out. Regulation, on the other hand, will reduce competitiveness,” he asserted.
