Binance headquarters moves to France and calls for regulation of the digital asset industry.

Binance is exploring France as a potential country for a global headquarters amid regulatory storms.

Binance is planning to establish a head office in France. In addition, it announced that it is creating a $ 116 million fund, together with a private French company, to support the adoption of Blockchain technology.

Recently, Binance has expanded its workforce with the help of ex-government regulators.

After many years without a home, the exchange has taken France as the central location for its headquarters. Changpeng Zhao, CEO of Binance, says France will be the “natural choice” for the company’s headquarters.

Vive La France.

The founder of the exchange also stated that this country would be the best option as the headquarters for the crypto exchange, which has increasingly adopted a decentralized status. Changpeng Zhao shared this information in an interview with Les Echos newspaper. Moreover, in the same interview, he spoke about his thoughts on the real problems of the cryptocurrency ecosystem.

Zhao Changpeng replied rather affirmatively that a lot of pressure from regulatory bodies creates local, regional and large-scale headquarters. He gave such an answer to a question regarding plans to establish a head office in European countries.

Before opening the headquarters, the company’s head said that the immediate goal was to obtain local permits. According to him, Binance is currently involved in negotiations with unique bodies, and he hopes that the license will be approved in 6-12 months. The head noted that the French authorities support the business but check that all factors meet the requirements.

The exchange was already associated with France. Before that, the company had already allocated about 100 million euros to the fund to continue developing the French crypto ecosystem. The head of Binance has revealed details of exactly how the fund will be distributed. 50% of the fund will be used for research purposes, 20% will be locally invested in cryptocurrencies, it will spend 20% on education and sponsorship.

It was surprising that Binance chose France as the site for the company’s main headquarters. Surprisingly, just a month ago, Zhao speculated that Ireland might be the location for a massive Binance office.

An army of former regulators.

Binance’s hints of a potential global headquarters have led to the growing pressure it faces from regulators around the world. As a result, Binance has begun recruiting new employees so that most of them are ex-government agents. It was done to improve its image in the eyes of regulators.

Late this summer, the company’s head said the goal is to recruit more people with a regulatory track record. A month ago, Niels Andersen-Road, a Europol agent, joined the ranks as a member of the audit and investigation team. Moreover, Tigran Ghambaryan, who was once an IRS agent, is now the Vice President of the International Intelligence and Investigation Department. While Greg Monahan, who was the United States Treasury Department’s Criminal Investigator, is currently overseeing international money laundering reporting.

Binance calls for uniform regulatory rules for the crypto market.

The world’s largest crypto exchange Binance has published its recommendations on regulating the digital asset industry. It also called on regulators to create global rules for the cryptocurrency market and published her ten-point vision of the legal control of digital assets:

1. Everyone should have access to digital (virtual) currencies and assets by applicable law, which, in turn, will contribute to a greater level of economic independence;
2. Industry participants must work with regulators and policy institutions to shape new standards in the cryptocurrency space. Good regulation fosters innovation and ensures user safety;
3. Cryptocurrency platforms are obliged to protect their users from intruders and implement KYC and AML to prevent financial crimes;
4. Confidentiality is a human right, and Personally Identifiable Information (PII) must be subject to a strict level of protection by applicable rules and requirements for the protection of personal data;
5. Users in the field of cryptocurrencies have the right to access exchanges that ensure the safety of their funds and have a funds insurance system;
6. Markets must maintain a high level of liquidity to ensure a stable and free trading environment;
7. Regulation and innovation are not mutually exclusive. Cryptocurrency users must have secure access to new technologies, including NFT, stablecoins, staking, profitable farming, and others;
8. When it comes to cryptocurrencies, it is essential to fill knowledge gaps. Users are encouraged to receive accurate information about cryptocurrencies without fear of becoming victims of misleading advertisements or information, and this is their right;
9. Markets offering derivatives should be subject to appropriate regulations. It will ensure that users are eligible and that transactions are managed fairly;
10. Regulation in the field of cryptocurrencies is inevitable. Therefore users have the right to share their views on how the industry should evolve with their chosen blockchain platform.

Binance announced support for nine blockchain and cryptocurrency startups in early November as part of the Binance Labs innovation incubator.

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