Amid regulatory woes, Binance CEO details France HQ ambitions
November 11, 2021, 5:49AM EST
1 min read
Binance co-founder and CEO Changpeng Zhao has said that he hopes to obtain digital asset service provider status in France in 2022. The exchange is a leading player in the market globally, accounting for 70% of crypto exchange transactions.
Despite its tough regulatory reception, Zhao claims to welcome regulation and believes that its 600 strong compliance team will allow Binance to weather the storm. The company added 150 employees responsible for compliance and relations with regulators in 2021, meaning that more than 15% of its total 3500 employees are now dedicated to soothing its regulatory nerves.
“We want to be regulated,” he said. “At this stage of our development, this will allow us to grow faster. 5% of the world's population — 400 million people — have already adopted crypto, they are pioneers. We now want to convince the remaining 95%.”
Sygnum Bank’s Digital Asset Outlook 2022 report analyses the developments that shaped the crypto industry in 2021, and lays out Sygnum’s strategic outlook for the market and its key sectors and trends for the year ahead.