Binance encountered several regulatory hurdles in 2021 that pushed it to move closer to regulators in different countries. This policy aims primarily to facilitate the expansion of the group throughout the world as evidenced by its news during the last weeks of the past year. After Canada, Bahrain and the United Arab Emirates, the exchange is preparing to make its foray into France by investing $ 113 million in an initiative with the industrial group France FinTech. Explanations.
Training and incubation programs for local startups
Baptized Objective moon, Binance’s initiative was already announced last March. It aims to support the country’s cryptocurrency and blockchain industry through innovation and education. The exchange therefore goes open a research and development office in France which will be responsible for offering training and incubation programs to local startups. Head of Binance’s affairs in France, David Princay assures us that the program will also provide employment opportunities for cryptocurrency enthusiasts residing in the country.
He also invites the latter to come forward on a massive scale in order to make France a leading global player in the sector. “The goal of Objectif Lune is really to develop an ecosystem. You cannot do it alone. We also need to be able to capture talent and have more capacity to further develop ourselves. Having an R&D center is a step that we must take for our next evolution“, did he declare.
Obtain the support of French regulators
The choice of France seems logical given that its fintech industry is growing and its cryptocurrency regulations are relatively welcoming. A month ago, the governor of the Central Bank of France said Binance had to put in place anti-money laundering arrangements if he wanted to settle in the country. The exchange has already started discussions with French regulators regarding the granting of a license.
Binance has also had several talks with the French Secretary of State for Digital Transition, Cédric O, to gain his support. “Mr. Cedric O was very clear with us, [les régulateurs] are ready to see us and have us, but they are also very demanding and it is for the best. We need to be fully scrutinized and audited to go through and it’s for the best because when we go through it’s going to be a sign of trust, of compliance.Said Mr. Princay.
France could therefore become the starting point for Binance in its conquest of the European market after the difficulties encountered by the exchange in the United Kingdom. Its collaboration with local regulators is aimed precisely at subsequently facilitating the creation of the ecosystem that will result from the training of French talents through this initiative.
Source: AMBCrypto
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.
