Changpeng Zhao had warned that France was a country that interested him. Has he just definitively demonstrated his love for our country? Indeed, the founder of Binance has just created SAS Binance France, registered in the Nanterre trade register and whose headquarters are located in Montrouge. It’s the place to set up the exchange’s world headquarters?
Binance sets up a company in France
A few days ago, Changpeng Zhao (CZ) made a remarkable visit to France. He was received at Bercy by Cédric O, the Secretary of State for Digital. CZ took the opportunity to announce an investment of €100 million for the development of the cryptocurrency ecosystem in France.
Binance seems to have taken another step this week. According to several journalistic sources that can be cross-referenced with a SIRET number verification site, the company Binance France SAS has just been registered in Montrouge in the Hauts-de-Seine (92).
Binance just incorporated in France 3 streets away from my home.
Should I pay them a visit? pic.twitter.com/wL2MlSpbzu
— Jimmy Ragosa | Jrag.eth (@JimmyRagosa) November 26, 2021
The person who paid the €50,000 of the company’s share capital is none other than CZ. Furthermore, Binance France SAS is a truly independent company and not a subsidiary. After confirming its intention to obtain the PSAN in 2022, Binance is officially established in France.
Binance seeks global headquarters
The year 2021 is a difficult one for Binance, at least in terms of its relations with regulators. Indeed, the exchange platform has seen its activity reduced or even banned in many countries. In particular, it had to stop offering derivatives in Australia and elsewhere.
In Europe, deposits by SEPA transfer have been impossible since last July and there is no information on their possible return. Finally, a month later, Binance decided to require all users to have their identity verified before starting to use the platform.
Nevertheless, it is the nagging question of the global headquarters that seems to be most important to regulators. The physical location of Binance remains a mystery. Previously, the platform’s headquarters were supposed to be in the Cayman Islands, Malta or the Seychelles. In other words, there is a certain opacity.
Last September, Binance stated that it wanted to establish a global headquarters in order to appease the regulators. For several weeks, the preferred destination seemed to be Ireland.
Binance to Establish Global Headquarters in Ireland. Changpeng Zhao (CZ) hinted that Ireland might become the new home of Binance 🇮🇪 pic.twitter.com/16X9YTu8pY
— NapBots – Crypto Trading Bot – Bitcoin Bot (@Napbots) November 25, 2021
Can Binance locate its head office in France?
Ireland is the preferred country for American multinationals to set up in Europe. Indeed, Dublin has the most attractive corporate tax rate in the European Union. Moreover, only three days ago, the rumour seemed to be confirmed as Binance had created new subsidiaries there.
However, the creation of Binance France SAS changes the situation. Why is Binance setting up this company in our country? Why does CZ want to obtain the PSAN, while Binance can slip through the legislative net on this point? To date, there are no answers to these questions.
#bnb #binance has to enhance their aml compliance to expand to France pic.twitter.com/NlX7cnDR71
— Altention (@Altention_coin) November 26, 2021
In all objectivity, the establishment of Binance’s global headquarters in France would be a big surprise. The country is not known for its attractive tax system, let alone favouring the cryptocurrency sector, which is subject to very restrictive legislation. Nevertheless, with CZ, a surprise is always possible.
