French regulators: Binance must improve compliance before setting up its headquarters in Paris
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Answer French regulators: Binance must improve compliance before setting up its headquarters in Paris
The French financial regulator (AMF) has announced that cryptocurrency trading platform – Binance – must ensure anti-money laundering compliance to set up a regional center in Paris.
Earlier this month, CZ CEO described the French capital as a natural choice for the company’s headquarters location.
Binance is not ready to settle in France:
The largest cryptocurrency exchange – Binance – has been on a mission to find its new home recently.
Founded as a decentralized platform “without headquarters and no borders,” it is now changing its structure and looking for a place to settle, as the CEO recently explained.
However, the company has some problems with global regulators, which could turn into an obstacle in its way.Read:Analysis: Is it a good time to buy bitcoin…what about the possibility of a return to test $20,000?
Currently, France seems to be one of the suitable options where Binance can set up a global headquarters given that the company has not had any problems with local regulators.
Additionally, CZ recently described Paris as a natural option for such expansion.
According to a Reuters report, settling under the Eiffel Tower will not be so easy, as local observers insist that Binance should strengthen anti-money laundering compliance efforts.
François Villeroy de Gallo, Governor of the French Central Bank, said:
It is a sign of the innovative dynamism of the Paris market, but this obviously depends on ensuring trust and credibility
This will guide the ACPR and the AMF (Financial Markets Authority) in their actions, particularly with regard to the main issue of anti-money laundering.
A few days ago, CZ told the local press that his company hopes to get the regulatory green light from the AMF within 6 to 12 months.
He added that 600 of the 3,500 employees of Binance are responsible for compliance and relationships with various regulators.
Partnership with French financial technology companies:
At the beginning of November, leading cryptocurrency exchanges and non-profit associations – France FinTech – joined forces to create a €100 million ($116 million) blockchain project in Europe.Read:Charles Hoskinson: Cardano will outperform Ethereum 2.0 in DeFi
Coming under the name “Objective Moon”, its primary objective is to support the development of the digital asset industry in France and the rest of Europe.
At the time, CZ predicted that this move could turn France into a center stage in the cryptocurrency space:
At Binance, we recognize the quality of French and European talent in technology, cryptocurrency and blockchain, and we are convinced that with the launch of Binance’s major operations and investments in France, we can contribute significantly to making France and Europe the leading global player in the crypto and blockchain industry.Read:The nOS Project abandons the NEO Network and unveils a new partnership
What about Ireland?
Ireland is another country that could become the new home of Binance.
Earlier this year, Binance set up three subsidiaries there:
Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies.
A few days ago, Binance created a fourth company, called Binance Exchange (Ie), hinting at a future settlement in the country.
When asked if Ireland falls into Binance’s plans, CZ replied:
Yes it is.
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