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Binance, the largest cryptocurrency exchange by trading volume, is looking to make its way into France. A report unveiled this news earlier today, noting that the firm has joined hands with France FinTech to launch a $113.00 million (£83.77 million) project that supports the crypto and blockchain sectors in France. Reportedly, this initiative is titled Objective Moon.
According to the report, Binance and France FinTech commissioned this project in November. Through Objective Moon, Binance will build an office in France. In so doing, the exchange will be better-positioned to team up with France FinTech to create an incubator program for startups and training programs.
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Reportedly, French hardware wallet developer Ledger and edtech company OpenClassroom are involved in this project. Their roles include developing educational programs.
Commenting on the launch of Objective Moon, Binance’s French General Manager, David Princay, said,
The aim of Objective Moon is really to develop an ecosystem and to nurture and accelerate an ecosystem. You cannot do it alone.
He added that the initiative also seeks to capture more talent, enabling it to grow further. Princay also noted that the project plans to establish a research and development center. According to him, an R&D center would help Objective Moon inch closer to its next evolution.
With France having a robust FinTech scene, Objective Moon is set to thrive in the country.
Binance’s regulatory woes
This news comes after Binance had a falling out with multiple regulators across the globe this year. Among the key highlights include a ban by the UK’s Financial Conduct Authority (FCA) and an investigation by the US Commodities Futures Trading Commission (CFTC). Binance also shut down crypto trading services in multiple jurisdictions, including Singapore and Australia.
These restrictions were mainly because the company does not have a physical headquarters office. Although Binance is from China, it has for years tried to operate without a physical office.
However, the firm has been trying to change this approach in recent months, with CEO Changpeng Zhao announcing that Binance is already building its headquarters. He, however, declined to share further details about this matter.
Regarding Binance’s move into France through Objective Moon, Princay refused to disclose whether the firm’s massive investment in the project meant Binance is, perhaps, looking to establish its headquarters in the country.
Nonetheless, it is worth noting that French regulators have already noticed Binance’s stealthy move into France. For instance, the governor of France’s central bank said the exchange must have robust anti-money laundering checks in place before establishing a presence in France.