Binance CEO “CZ” Considers France As “Europe’s Crypto Hub”

Binance CEO “CZ” in a chat with French Minister for Digital Transition Jean-Noël Barrot discussed crypto promotion, education, Web3, and blockchain development. Binance plans to have Paris as its European hub, hire hundreds from the talent pool in France, and collaborate on Web3 and blockchain development. The crypto exchange received a license to operate in France in May.

Binance Commits Crypto Hub in France

Binance CEO “CZ” believes France is a strategic hub for the blockchain community. France’s large talent pool with strong engineering and mathematics backgrounds is one of the biggest reasons for Binance’s interest in the country.

Binance CEO sees massive growth opportunities in France. It has nearly 150 people in Paris and plans to hire hundreds more in the future. Furthermore, he asserts French government and regulators are more aligned and clear with their goals, KYC, and AML rules. Also, they understand the importance of crypto and blockchain for growth in the country.

Moreover, Binance has its biggest crypto hub in France and manages most European operations through its Paris office. Binance’s initiative looks to train 10,000 people in underserved French communities.

French Minister for Digital Transition Jean-Noël Barrot said the government will focus on decentralized finance (DeFi), Web3, and other related spaces. French President Emmanuel Macron strongly supported the Web3 ecosystem, in particular, the crypto ecosystem.

France has growing fintech and crypto companies such as Ledger and Sorare. Currently, the aim is to attract foreign startups and crypto exchanges. The regulators have acquired a deep understanding of crypto and blockchain, and other related fields.

The discussion also highlights investor protection, the Markets in Crypto Assets Regulation (MiCA) law, and the DLT Pilot regulation.

France’s Flourishing Crypto Industry

France lawmaker on October 19 voted to make Marie-Anne Barbat-Layani as head of the Financial Markets Authority (AMF). The AMF has seen increased responsibility related to crypto after the French government’s support for the industry.

Binance and Crypto.com gained licenses to provide crypto exchange services in the country. However, France is not ready for crypto as payment for taxes or Bitcoin as payment.