Binance France has published the first audited financial statements for its local branch, reporting on its financial situation. What are the key points to emerge from these results?
Binance France presents its accounts for the first time
Binance France today published its first audited financial results for the fiscal year 2022, in accordance with the legal requirements in force in the country.
With the platform’s registration as a digital asset service provider (DASP) on May 4, 2022, the local branch’s accounts will now be published annually. In this case, the period covered is from November 8, 2021 to December 31, 2022.
Binance France has today published its first audited financial statements. We believe our community of Binancians and the media will be interested in the financial results of one of our leading regional centers.https://t.co/ZM50btsl5Z
– David Prinçay (@davidprincay) July 21, 2023
Firstly, we learn that at December 31, 2022, Binance France held around one billion euros on behalf of its customers.
Furthermore, the platform has accompanied its financial results with an FAQ, to explain to users the points that might lead them to wonder, including the fact that an operating deficit of 4.185 million euros was achieved:
” The 2022 accounts cover 14 months of expenses, but only 6 months of income. Binance France only began operating as an exchange once PSAN registration had been obtained, which means that the first revenues were not received until July 2022. Although not yet operational, Binance France incurred operating costs from November 2021. Had the revenues been for a full year, Binance France would have recorded a profit. Binance remains a profitable business worldwide. “
Prior to obtaining PSAN registration, revenues generated by French customers were therefore attributed to Binance’s global branch. Furthermore, the exchange indicates that the financial year presented here starts in November 2021, given that this is the date on which the branch in France was created.
In addition, Binance France held around 7 million euros in USDT at the close of this balance sheet, with total revenues of 10 million euros, of which nearly 80% came from trading fees. With the year 2023 now fully underway, the platform has also announced that it expects to make a profit, although it has not yet announced any figures.
