Binance, the world's largest cryptocurrency exchange, has set its sights on France and announced that it will help develop Web3 and blockchain projects in Paris.
Binance chief Changpeng Zhao, nicknamed โCZ,โ said at the Paris Blockchain Week Summit event on Wednesday that France can become the Web3 and crypto leader of the future.
โI think France has one of the most forward-thinking and open-minded governments that could help develop pro-crypto regulations,โ Zhao said, adding that the country is in a unique position in terms of regulation and talent.
Zhao announced that the Chinese company would help build Web3 and blockchain projects at Station F, the Paris startup incubator, as part of a โฌ100 million injection into France, in an initiative dubbed Objective Moon.
There will also be new Binance offices in Paris, supporting early-stage startups, in areas such as blockchain, Web3, and the metaverse. The startups that are selected will be hosted on Station F for free and could benefit from Binance subsidiaries.
Binance has long seen the potential in France, and in November it opened an office in Montrouge, a suburb south of Paris, hiring 20 employees.
Binance now expects to recruit 100 more employees by the end of the year, in the new offices in central Paris.
Europe tries to regulate cryptocurrencies
But Binance has had a turbulent year with regulators around the world.
It was banned by Britain's watchdog, the Financial Conduct Authority, due to concerns over a deal Binance struck with payment provider Paysafe.
Binance was also investigated last year by the US Commodity Futures Trading Commission. about possible abuse of privileged information.
The European Union is also grappling with how to regulate cryptocurrencies. Earlier this month, the European Parliament voted in favor of new traceability rules for crypto asset providers that require them to collect information about holders they interact with.
Crypto businesses would also have to report transactions over โฌ1,000 to anti-money laundering authorities.
The proposed rules have sparked concern among cryptocurrency owners, who worry about the implications for their privacy.
For the rules to come into force, they will first have to go through negotiations between the EU Parliament, Council and Commission, which are due to start at the end of April.
Despite increased scrutiny, Zhao said regulators' approach had changed over the years.
โWe have seen a big change in attitude towards cryptocurrencies over the past year. Until last year, regulators were speaking in a negative light, while many regulators are approaching us on a positive note,โ he said on Wednesday.
