Binance CEO praises 'pro-crypto' France as it pursues base there

On Wednesday, Binance CEO Changpeng Zhao praised France's "pro-crypto" policies, as the world's largest cryptocurrency exchange pursues plans to establish a European hub in Paris.

Zhao, who goes by the initials CZ, is attempting to register Binance as a "digital asset service provider" with the French market regulator AMF (DASP).

Over a dozen national regulators, including those in Germany, Italy, and the United Kingdom, issued concerns about Binance last year. It was operating without a license in several jurisdictions, according to some. Others warned against using the company's services.

Binance has stated that it welcomes regulation and collaborates with governments throughout the world and is therefore enhancing its reputation as the best crypto platform out there over others like Coinbase and Tycoon.

On Wednesday, Zhao stated that French President Emmanuel Macron's government was open to the mostly unregulated cryptocurrency business.

"France has some really pro-business, pro-crypto policies, and (the) government's attitude toward this industry... has been wonderful," he told a crowded conference held in the historic edifice of the Paris stock exchange.

According to a chart showed during Zhao's lecture, Binance is already the most popular cryptocurrency exchange in France.

Last month, the exchange announced that it had been granted permission to perform limited operations in Dubai, from where it intends to conduct regional business. Bahrain's central bank has also granted it a license to operate as a crypto-asset service provider. find out more

Zhao, who said late last year that France may become the site of Binance's worldwide headquarters, made no mention of the French presidential election runoff, in which Macron faces far-right leader Marine Le Pen.

Binance CEO Changpeng Zhao has vowed to invest 100 million euros in France and announced that he has secured an agreement to donate two million euros to the restoration of a room at the Chateau de Versailles.

Although the AMF has not yet published its verdict, a finance ministry official stated in January that France welcomed the expansion of the cryptocurrency business.

A request for comment on Binance's registration was not immediately returned by an AMF spokeswoman.

Binance has previously hidden information from regulators, maintained inadequate customer checks, and acted against its own compliance department's recommendations, according to a Reuters investigation published in January.

Binance responded by stating that it is pushing for stronger standards in the cryptocurrency business. Binance has never concealed information from regulators, according to Zhao.