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Binance Pivots Toward Europe: Hire New Exec and Commits €100 Million to French Fintech

Binance announces its new high-level hire for its European operation and launches an initiative named ‘Operation Moon’ with France Fintech

Binance Eyes Europe

Binance’s recent news on its European operation’s top-level hire and its involvement with a French non-profit association through ‘Operation Moon’ are positive signs signaling a more prominent role by Binance in the European crypto market. Changpeng Zhao (CZ) made the announcement at a conference at the French Ministry of Finance in Paris. 

In an official announcement posted by Binance, ‘The ‘Objective Moon’ initiative will feature a new Binance R&D hub in France, a DLT accelerator and an online education program for French talent.’ 

The initiative is geared towards making France and Europe the global player in the blockchain and crypto industry. Data released by TripleA, a blockchain technology and cryptocurrency solution company, estimated only over 2.21 million (3.34%) of France’s population owns cryptocurrency. In comparison, cryptocurrency adoption in the United States is estimated to be at 8.31%. Therefore, France is a suitable jurisdiction for crypto related initiatives geared towards growth. 

Source: Binance commits towards research and development in its latest initiative with a €100 million fund allocation to build a research development hub and accelerator in France


Binance’s New Hire 

Binance has also unveiled a new hire for its Executive Vice President for Europe’s position. The appointment of Martin Bruncko is the continuation of Binance’s quest aimed towards compliance. 

He has formerly served as a member in the Economic and Financial Committee of the European Union (EU), board member in the European Stability Mechanism and Senior Director and Head of Europe at the World Economic Forum. This could be Binance’s strategic move as it inches itself into the European market.

Source: Martin Bruncko’s resume fortifies Binance’s commitment towards compliance  

Binance is recently facing regulatory headwinds and efforts are being taken to meet the local regulatory regime. The recent hires by Binance are steps taken to gear the crypto exchange as a compliant entity. In August, Binance hired Richard Teng, a former Singapore Exchange’s (SGX) chief, to head Binance Singapore and similar efforts are also undertaken in other jurisdictions. 


The European Crypto Market

In a tweet by CZ, Binance is trending in Portugal, a country in the EU. This could be a result of the recent renewed interest in crypto assets as more Bitcoin Exchange-Traded Funds (ETFs) are expected to be announced by the US Securities and Exchange Commission. Crypto asset adoption is gaining momentum and Binance being the leading global crypto exchange platform is the natural choice.  


Source

The room for growth in Europe is promising. However, like any other jurisdictions, the crypto industry is coming under heavy regulatory scrutiny as crypto assets are gaining mainstream adoption. Binance as one the industry leader is in a position to steer the industry in the right direction. This can only be done through proper engagement with the authorities and France appears to be a receptive jurisdiction that welcomes growth.  

The approach taken by Binance is a positive one. Whilst many commercial entities favour initiatives that bring revenue, Binance has chosen growth and development as its long term strategy. 

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