Binance CEO Plans to Invest Over $108 Million in France

With the Paris Blockchain Week Summit (PBWS) currently being held in France, leading cryptocurrency exchange Binance has pledged  to invest over $108 million  in the country, Reuters reported Wednesday. 

Binance CZ to Invest $108M in France

Binance CEO Changpeng Zhao (CZ) made the pledge after commending the nation for its effort towards cryptocurrency regulations.

The Binance boss also acknowledged that France is responsive towards the crypto space even with the current regulatory challenges facing the asset class.  He further noted that France could become a crypto pioneer in Europe as the country is better situated for the job. 

“France has some very pro-business, pro-crypto regulations and also just (the) government’s attitude towards this industry … has been phenomenal,” Zhao said during the PBWS event at Palais de la Bourse de Paris. 

To straighten Binance’s ties with France, CZ agreed to grant $2.1 million for the renovation of a room in the famous Château de Versailles (also known as the Hall of Mirrors and King’s Grand Apartment), a palace that holds the country’s important historical events. 

Binance Partners with STATION F

Meanwhile, Zhao also revealed during the summit that Binance has partnered with STATION F,  a startup incubator located in Paris, to help kickstart its new web3 program. This is the first-ever Binanace collaboration with a physical incubator.

Binance aims to increase crypto adoption globally and plans to make France its European base.  Zhao is making plans to acquire an operational license in France with the country’s financial watchdogs to enable exchange operate in the region. 

But France is not the only country Binanace is trying to dominate. Just last month CZ  revealed that the company is making plans towards purchasing  banks and payment processors in Brazil. 

In February, Coinfomania reported that the leading crypto exchange obtained operational licenses as a digital asset provider in both Dubai and Braihan.