A potential destination for Binance Holdings Ltd.’s central operations based in France, according to the administrator of the world’s biggest virtual currency exchange platform by transaction activity. Changpeng Zhao (CZ), the Chairman And CEO of Binance, revealed in an appearance with the French news outlet, Les Echos, that the exchange platform began as a decentralized operation, but that in order to develop it must now embrace laws. One way to accomplish this is by having a regional headquarters in strategic locations.
“We began our operations as a decentralized structure, although it should be emphasized that this has not been met with enthusiasm by the regulatory authorities. This sector, on the other hand, must be supervised. As a result, we are in the early stages of developing headquarters at multiple levels, including local, national, and international,” CZ explained.
According to Zhao, France is one of the most developed European countries in terms of having clear regulatory standards in the cryptocurrency ecosystem. Per the crypto veteran, this makes the nation an obvious choice for a regional and, more likely, a central headquarters. “Our top priority right now is to get municipal approval for the establishment of cryptocurrency exchanges.” He explained that because there is currently no passport for this type of work, they must get permits from each individual nation and that as quickly as feasible, France will be a logical fit for a regional, and possibly worldwide, head office.
“Ideally, we would like to receive PSAN (digital asset service providers) clearance from the Autorité des marchés financiers in around six to twelve months, but this is entirely dependent on the regulator.” He stated. The campaign for France will not be without its challenges, according to CZ, who claims that the regulator’s stance towards the firm does not take into account the firm’s position as a prominent participant in the cryptocurrency market.
Changpeng Zhao On The Regulation Of Cryptocurrencies
Although Binance has had numerous run-ins with regulators throughout the world, the company’s CEO insisted that he and his team were not opposed to regulations during the interview. However, although Binance is allegedly willing to accept rules by collaborating with relevant authorities across the board, CZ feels that restrictions can make the industry more competitive.
“As a major participant in the industry, we aim to contribute to the development of best industry practices. There are around a hundred minor trading platforms that are on the verge of being phased out. Competition is likely to be reduced as a result of regulation,” he asserted.