Binance looks to move to France as FinTech investments increase

Crypto giant Binance has increased its presence in France following a difficult year of regulatory scrutiny.

The world’s largest crypto exchange has financed a $113 million initiative with France FinTech to support the crypto and blockchain sectors in France. The project, labeled Objective Moon, was announced last November and will see Binance establish an R&D office to collaborate on programs for start-ups and training.

“The aim of Objective Moon is really to develop an ecosystem and to nurture and accelerate an ecosystem. You cannot do it alone,” David Princay, Binance’s French GM, told CNBC.

“We need to be also able to capture the talent and to have more capabilities to grow bigger,” he said of plans to open an R&D office. “Having an R&D center is one step that we need to go for our next evolution.”

Objective Moon also partnered with French crypto hardware firm Ledger, and Edtech company OpenClassroom.

Binance has looked to set up operations in France due to its growing fintech scene. According to Dealroom, fintech investments have surged this year with bumper funding rounds with regards to Lydia and Qonto.

Cedric O, France’s digital minister, was present for the announcement of Objective Moon with Binance and France FinTech. O’s sentiments were noted as positive in regards to the partnership, according to Princay.

″Cedric O has been very clear with us, they are welcome to see us and to have us, but they are also very exigent and that’s for the better,” Princay told CNBC. He added that Binance is in discussions with regulators in France on licensing.

“It’s a very positive sign for innovation,” he said of regulation for crypto in France and Europe generally.

“We need to be fully scrutinized and audited to pass and that’s for the better because when we’re going to pass, it is going to be a sign of trust, compliance. Our aim is to be 100% compliant in every activity and country we operate.”

Source: CNBC