Will Binance be able to locate its headquarters in France?
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Binance founder – Changpeng Zhao has been working hard to find opportunities to expand branches to more countries. Changpeng Zhao visited Bercy at the beginning of November, making France’s competitors apprehensive.
Binance’s boss arrives in France.
Changpeng Zhao is trying his best to find opportunities to be based in France. During the last month, CZ discussed the future of cryptocurrencies with Cédric O – Secretary of State. The content of the discussion revolved around the topic of Digital Transformation.
On this occasion, CZ announced that it wants to invest 100 million euros in a fund devoted to developing blockchain technology in France and Europe. He also stated in Les Echos newspaper that “Binance is very keen to choose France as the place to locate its headquarters in the region. And maybe even the world headquarters.”
Binance operates in a decentralized manner. So the company has no intention of having its headquarters globally. A week after his trip to France, the crypto billionaire noticed the allure of Dubai. The Irish press has also revealed that Binance has set up three companies in Ireland to enter the financial markets here.
The moves of opponents in France
Romain Saguy is the marketing director of Coinhouse, a French crypto asset platform. He stated that the establishment of three companies in Ireland by Binance is an annoyance for France. Changzeng Zhao and several French figures in the financial industry were uninterested in Bercy’s welcome to CZ. Romain also said that “A member of the French government rolling out the red carpet for a foreigner who doesn’t respect the rules is a real insult to us.” Binance cannot provide services or advertise to French residents without registering with the Autorité des marés financier. These procedures are still in the pending stage.
Alexandre Stachtchenko, the co-founder of the Association for the Development of Digital Assets (ADAN), also confirmed CZ’s visit to Paris. When M Le Monde magazine questioned, Cédric O considered these debates outrageous. “Binance is one of the most important players in the crypto ecosystem,” he said. “Our meeting with Changpeng was like a regular discussion with Facebook or Microsoft.”
About Changpeng Zhao
Referring to Binance, we can refer to cryptocurrency. Just like when it comes to search, we will think of Google. Binance manages 70% of global crypto-asset trades and far exceeds Coinbase. Coinbase exchange only accounts for about 8% of the total transactions. The founder of Binance is like the Steve Jobs of the crypto world. His parent is both Chinese teachers. CZ immigrated to Canada in 1989, and then he studied computer science before working for the Tokyo and New York stock exchanges. After that, he also worked at the economic news site Bloomberg.
CZ sold his Shanghai apartment in 2014 to invest in Bitcoin. After several jobs in the blockchain industry, he founded Binance in July 2017. Binance has become the number one site in the blockchain industry six months later. CZ is currently at the top with an estimated $2.6 billion in assets and a company with nearly 2,000 employees. On Twitter, he often shares about his simple lifestyle. And he also shared his view that he would not buy “illiquid” real estate.
Binance needs to change to develop
Changpeng Zhao introduced the model of a transnational company. Binance does not have a headquarters. It can mainly offer financial products and investment activities on trading websites. But now this activity is banned in some countries. However, in 2021, the company suffered several setbacks in facing financial market regulators in several countries. Examples are the United Kingdom, the Cayman Islands, the United States, and Thailand. Therefore, Binance had to change some of its views.
Changpeng Zhao has stated that he owns nothing but cryptocurrencies. But he has just announced that he has just bought an apartment in Dubai. This action could show the intention to stick with this kingdom. CZ says Binance needs to change to grow.