Binance, the world’s largest crypto exchange, is expanding its operations in France after a rough year with regulators.
With the help of an industry group called France, FinTech, the world’s biggest cryptocurrency exchange, is funding a project worth 100 million euros ($113 million). This is to help the cryptocurrency and blockchain industry in France.
The project, called Objective Moon, was announced in November. Binance will set up a research and development office in France and work with an incubator for startups and a training program.
David Princay, Binance’s French GM, told CNBC that the goal of Objective Moon is to build an ecosystem and help it grow and thrive. You can’t do it by yourself.
He said that if we want to open an R&D office, we need to get the best people and grow. When we want to grow, we need to have an R&D center.
Objective Moon also collaborates with Ledger, a $1.5 billion French crypto hardware startup, and OpenClassroom, an edtech company for schools.
France may be a good place for the initiative because it has a growing field of people who work with money. There have been a lot of big funding rounds for fintech companies in France this year, like Lydia and Qonto.
Binance Regulators Pay Attention
Binance has had a rough year with regulators from all over the world. One of its problems was a ban by Britain’s Financial Conduct Authority and an investigation by the U.S. Commodity Futures Trading Commission, among other things. A few weeks ago, the company shut down its trading platform in Singapore. The company also ceased to trade its digital stock tokens.
While its roots are in China, Binance has not put itself in one place. This is in line with the decentralization principles of the crypto industry.
Binance, on the other hand, has recently changed its tone on that front.
China’s authorities have shown interest in cooperating with Binance’s CEO, Changpeng Zhao.
Princay did not clarify whether the company’s large investment in France meant it would relocate its headquarters.
We haven’t added anything to that yet.
However, watchdog groups have not missed the company’s moves in the country. Last month, the head of France’s central bank said that if Binance wants to set up shop in the country, it must have very strong money laundering checks in place.
With Cedric O and Binance and France FinTech at the announcement of the Objective Moon project,
Regulators often have to keep up with cryptocurrency businesses. A big problem for the industry in Europe will be the European Union’s regulation of the markets for crypto assets (MiCA), which will be the next big problem.
There is a new law called MiCA that the European Council recently approved. It will give more protection for investors and make it easier for crypto businesses to get licenses and move around the bloc. During the next few months, the European Parliament will talk about it, so you should pay attention.
Making People Aware
Ariel Wengroff is the editor-in-chief at Ledger and is in charge of the company’s educational content.
It’s a project called Web3, which is a broad term for web services built on blockchain technology that isn’t owned or controlled by anyone else. Ledger signed up for it. Because the industry has changed so quickly, she said that giving educational programs is good for the whole thing.
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