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Paris could become our European headquarters

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Friday, April 22, 2022

In a lengthy interview with The Big Whale, the boss of Chinese-born giant Binance discusses his plans for France, the place of Europe, the future of the crypto sector and the... China.

Changpeng Zhao, or 'CZ', needs no introduction. In just a few years, the boss of Binance, which claims more than 80 million customers worldwide, has established himself as a key figure in the ecosystem (and not just because he has 5.6 million followers on Twitter). While in Paris for PBWS, the Chinese billionaire gave us some time to talk about a number of subjects. An hour isn't enough time to cover everything, but The Big Whale managed to ask him plenty of questions. We obviously talked about Binance's ambitions in Europe and France. But that's not all. We also took the opportunity to talk to him about the future of the sector, what could prevent Europe from becoming a leader in Web3 (the banks take the cake) and also what's happening in China, a subject he never mentions...

THE BIG WHALE : An incubator at Station F, premises in Paris, dozens of new hires... You've just made a series of announcements at PBWS that show your ambitions in France. Why France and why now?

CZ: France is one of the countries in Europe on which we are betting the most. We've been talking to the government for months now to see how we can work together and assess how we can set up in the best possible conditions. It's taken a little time, but things are moving forward. I have to say that I'm very pleasantly surprised by the welcome, and above all the vision of Emmanuel Macron, who wants to make France a leading country in blockchain and cryptos.

You came to France six months ago without making any announcements. What has changed in the meantime?

Nothing has fundamentally changed. We just need a little time. First we talk, then we do things. We're currently in the phase where we're getting things done. So we're going to set up an office in Paris and create a Web3 incubator at Station F. There's already a good ecosystem there, with investors and engineers. You know, Binance is a very closely watched company. When we invest in a country, all the other players look at why we're doing it. This has a positive effect on everyone. And if things go well, Paris could become our European headquarters.

This isn't the first time you've hinted that Paris could be your European, or even global, headquarters... Is this realistic? You still don't have the status of Service Provider on Digital Assets (PSAN) issued by the Autorité des marchés financiers (AMF)...

I think you have one of the most advanced European countries on cryptos and blockchain. So it would make sense to make Paris one of our headquarters. France is clearly ahead of the game. You have a clear regulatory framework, an ecosystem with powerhouses like Ledger whose wallets are among the products I use the most... As far as PSAN is concerned, things are moving forward. Very well indeed.

Is it a matter of days, weeks, months? It would be your "laxity" on the fight against money laundering that would pose a problem...

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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