Leading cryptocurrency exchange Binance has been facing numerous regulatory challenges in recent months.
Binance has been facing numerous regulatory challenges globally in recent months. However, the exchange intends to put all the troubles behind and is already looking forward to expanding its presence by next year.
Co-founder and CEO Changpeng Zhao has revealed during an interview with Les Echos that Binance wants to set up its headquarters in France by 2022. CZ stated that the cryptocurrency exchange hopes to obtain digital asset service provider status in France by next year.
This latest development comes a week after Binance’s $116 million initiative with nonprofit French Fintech. The cryptocurrency exchange intends to build a research hub and accelerator in France. Changpeng Zhao said;
"France will be a natural choice for a regional, and even perhaps global, head office."
CZ’s admission towards setting up a headquarters in France contradicts Reuters’ report last month that the cryptocurrency exchange want to set up base in Ireland. Despite Binance’s regulatory challenges, CZ welcomes regulation in the cryptocurrency space.
Binance has been hiring in recent months and now has more than 600 people in its compliance department. CZ believes that the team they have put in place will enable the crypto exchange to weather the storm. He added that;
“We want to be regulated. At this stage of our development, this will allow us to grow faster. 5% of the world's population — 400 million people — have already adopted crypto, they are pioneers. We now want to convince the remaining 95%.”
Binance remains the world’s leading cryptocurrency exchange in terms of daily trading volume. A recent report also revealed that the exchange leads the way in terms of number of visitors. Binance recorded more than 170 million visitors last month, surpassing other centralised exchanges and decentralised trading platforms.
Decentralised exchanges such as Uniswap and Pancakeswap have been gaining rapid adoption within the crypto space but still lag behind their centralised counterparts in terms of trading volume and monthly visits.