1/18/2024 0 Comments Binance safemoon![]() The government also resisted pressure to bring forward to October 2023 the deadline by which registered crypto companies are forced to apply for a regulatory licence, claiming it might make investors “flee” the country. But such requirements will not apply to companies already registered with the AMF, including Binance. Getting an Autorité des Marchés Financiers registration will from January take into account new criteria including having a resilient and secure IT system and a process to manage conflicts of interest. But the French government appears to have remained under Binance’s charm.įollowing the collapse of FTX, French legislators beefed up the requirements for newcomers wishing to set shop in the country. One may expect recent events to have rocked the nascent relationship. In France, authorities are investigating the exchange for having allegedly advertised and promoted its services before it was allowed to operate there. Regulators were also scrutinising Binance, leading to its guilty plea last month to criminal charges related to money laundering and breaching international financial sanctions. Sam Bankman-Fried fell from grace and was convicted of fraud and money laundering in the US. The industry has since suffered a few reputational hits. This initial courting was taking place when crypto was still hot. Attracting foreign players including Binance was key to France’s bid to become a “European hub of the crypto assets ecosystem”, he said. (I later asked if he also paid taxes there, to which he said he had no awareness of his own fiscal residency.)įrench Minister of Economy and Finance Bruno Le Maire last year told BFM Business that he was “ proud” of Binance’s French registration. The industry’s best-known founders, including Cyril Chiche of payment app Lydia, lined up to shake hands and be photographed next to him.Ī person familiar with the discussions told the FT that the French government granted Binance more than a hundred tech visas to help it grow its operations on French soil. On stage, CZ joked that he was spending so much time in France that he had started to buy his socks in Paris. In October last year, CZ headlined France Fintech’s flagship conference in the business district of La Défense. The courtship culminated with France’s Autorité des Marchés Financiers, the financial watchdog, granting the exchange regulatory approval last May - a move that contrasted sharply with other national regulatory stances.Ĭue the honeymoon phase. That same month, Binance said it would invest €100mn into France’s burgeoning crypto scene - a pledge dubbed “objective moon” by its founder. It all started when Changpeng “CZ” Zhao met Macron at the Elysée palace in November 2021. The open-door policy might yet become an embarrassment around crypto in particular, as its courting of Binance has shown. But in seeking to cure its innovation problem Macron’s government has taken risks. Their zeal to attract tech companies to invest in Paris has attracted US giants like Google and Netflix, as well as helping establish a stable of domestic “unicorns”. He brought in tech visas, boosted public grants and relaxed investment rules to foster entrepreneurship. Vowing to make France a “start-up nation” the former financier set out to shake things up. Its boldest scientists were flocking to Silicon Valley. Despite training top engineers and financiers, the country struggled to build successful homegrown start-ups and attract venture capital. Ten years ago, France had an innovation problem. Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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