Binance would soon establish itself in France, discussions are ongoing

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© Reuters

Investing.com – Cryptocurrency giant Binance is strengthening its presence in France after a turbulent year on regulatory controls. The world’s largest cryptocurrency exchange is funding a € 100 million initiative with industrial group France FinTech to support the cryptocurrency and blockchain sector in France.

The initiative, dubbed Objectif Lune, will see Binance establish a research and development office in France and collaborate on a start-up incubation program and training programs. “The objective of Objectif Lune is really to develop an ecosystem and nurture and accelerate an ecosystem. You can’t do it alone,” said David Princay, French CEO of Binance.

“We must also be able to capture talents and have more capacity to develop ourselves further. Having an R&D center is a step that we must take for our next evolution”.

France may prove to be fertile ground for the initiative given its rapidly expanding fintech scene. According to figures from Dealroom, investments in fintechs in France have exploded this year, with exceptional financing rounds for companies like Lydia and Qonto.

Binance under regulatory threat

Binance has had an eventful year in its dealings with regulators around the world. The firm has seen a ban by the UK Financial Conduct Authority and an investigation by the US Commodity Futures Trading Commission. The company was also forced to shut down its exchange platform in Singapore.

CEO Changpeng Zhao, however, spoke in favor of the regulation and expressed his willingness to work with regulators.

Separately, the governor of the French central bank said Binance must put in place strong anti-money laundering controls if it is to gain a foothold in the country.

Meanwhile, the French Minister of Digital was present with Binance and France FinTech during the announcement of Objectif Lune. “Cedric O has been very clear with us, they are open to see us and have us, but they are also very demanding and it’s for the best,” Princay said.

He added that Binance is in discussions with regulators in France over licensing. “This is a very positive sign for innovation. We have to be fully vetted and audited to pass and it’s for the best because when we pass it’s going to be a sign of trust, of compliance. Our goal is to be 100% compliant in all activities and in all countries where we operate. “

A new regulatory chapter

Regulations often lag behind the market. However, at European level, the next big industry challenge will be EU regulation of crypto asset markets (MiCA).

This regulation, recently approved by the European Council, will strengthen investor protection and expand the scope of licenses and passports for cryptocurrency businesses in the Union. It should be examined by the European Parliament in the coming months.

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