Binance Exchange, the operator of the world’s largest digital currency trading platform by volume, has its eyes on France as a possible location of its central operating headquarters.
In an interview with the French media channel, Les Echos, Binance Chief Executive Officer, Changpeng Zhao (CZ) mentioned that the trading platform began off its services as a decentralized outfit, and now, it should embrace rules to develop. A part of this is by establishing a headquarter in key regions.
“We began our activity as a decentralized group but it surely should be noted that this isn’t very properly received by the regulators. Nevertheless, this trade should be regulated. We’re therefore within the technique of establishing headquarters at a number of levels: local, regional and global,” CZ stated.
The CEO pinpointed France as one of the vital superior European nations with clear governing guidelines within the crypto ecosystem. In line with the crypto veteran, this makes the nation a natural fit for a regional and certain, central headquarter.
“Our priority is to acquire local authorizations to arrange crypto exchanges. There may be not but a passport for one of these exercise, which signifies that we’ve got to acquire an authorization for every nation,” he mentioned, including that, “as soon as possible, France will be a pure choice for a regional, and even maybe international, head office. We hope to acquire PSAN (digital asset service providers) approval from the Autorité des marchés financiers within 6 to 12 months, but it surely all relies on the regulator.”
The push for France is not going to include a mattress of roses as CZ mentioned the regulator’s strategy with the agency is without consideration of its standing as a serious participant in the crypto industry.
Changpeng Zhao on Crypto Regulation
Through the interview, the Binance boss said he and his agency usually are not towards rules, regardless of its apparent challenges with regulators around the world. Whereas Binance is reportedly ready to embrace rules by working with related authorities across the board, CZ mentioned he believes rules can stiffen competition.
“As a predominant player in the market, we wish to assist form good industry practice. There are around 100 small trading platforms, that are set to vanish. Regulation will, in actual fact, reduce competition,” he said.
Source: Blockchain News