- Binance gets approved in France as it promises to make Paris Europe’s “Crypto Hub.”
- Changpeng Zhao comments on the news.
- The crypto community is still questioning Binance’s choice.
After establishing its ground in the MENA Region, Binance, the world’s largest exchange, sets foot in Paris as it promises to make it the European crypto Hub. The promise came after the French financial markets regulator formally granted the company its right to offer and market its services to local customers.
Changpeng Zhao, Binance’s founder and chief executive, said in an interview:
Early adopters of cryptocurrency are OK with using an unlicensed exchange offshore. But if we want to reach mass adoption, most of the mass users will prefer a licensed, regulated exchange,
Zhao, also known as CZ, shared the news in a tweet on his official Twitter (NYSE:TWTR) page.
“The company (#Binance) said it would make Paris its European hub after France’s financial markets regulator formally granted #Binance the right to offer and market its services to local customers.”https://t.co/6sAFdxPp75— CZ Binance (@cz_binance) May 4, 2022
Binance’s step into Paris is deemed by the company as a big move to establish itself and the crypto industry in Europe. However, it is undeniable that the continent is still behind crypto adoption. According to a survey by Gemini, Europe is lagging by 23% behind the global average.
Furthermore, only 17% of Europeans in Denmark, France, Germany, Ireland, Norway, and UK have taken to cryptocurrencies. The survey also shared that 40% of those who own cryptocurrencies in Europe just started investing in the year 2021.
Along with these facts comes the Ukrainian crisis, the tension between some countries, and the financial situation of some nations to stand against aggressors considering that Europe is a united continent.
Meanwhile, Dubai is already on its way to leading the future with crypto adoption, and Bahrain has also given Binance a crypto-asset service provider license. Many countries have already adopted cryptocurrencies. Will the development involving Binance help Europe catch up?