Many crypto enthusiasts believe the segment has theÂ potentiality of immense growth while policymakers of several countries are sounding an alarm on it. However, Binance reveals it is hungry for crypto growth.
CEO Changpeng Zhao (CZ) said the exchange is seeking to set up shops across Europe. He lately had talks with European Union's MEPs and officials related to developing rules for crypto assets in the region.
CZ denied naming the officials, but he hinted the potential locations for the shops include Gibraltar, Portugal and France as these places are friendly to the exchange and this is the reason Binance wants to reach such regions initially. It is simultaneously learned the exchange is looking for setting up a headquarters in Ireland.
The 44-year-old added that finding friends is synonymous with expansion for them and set up a trading empire across the EU, a bloc of about 29 countries. Binance has approached cautiously with the new financial segment as regulators and policymakers across the world have cracked down on it. The crypto enthusiasts are being warned that parking too much wealth into digital assets may turn up risky.
Meanwhile, Binance is being warned by various national watchdogs from countries like Thailand, the Cayman Islands and Japan. They claim the services offered are not authorized. The exchange is therefore having no existence in such countries.
Binance announced to be wrapping up the trading of cryptocurrencies in Singapore as the watchdog of it has placed the exchange on the list of investor alerts.
The crypto market size is nearly $2.5 trillion and this has been driven by the appetite of investors. The US lawmakers have lately rounded up the top CEOs of the segment to debate on topics like how to better police and regulate the crypto market.
The policymakers argue anonymously is the primary reason of concern and not just the money of investors. Identities are hidden in crypto transactions and this makes illicit financing easier. Moreover, it is feared that cryptocurrencies may replace national currencies in the future.
CZ launched Binance in China in 2017 and the exchange is headquartered in the Cayman Islands, Mahe, Seychelles. It is currently the largest exchange with respect to daily trading volume.
The exchange was moved to the Cayman Islands after China increased regulation on it. The United States has lately put Binance under investigation. In June 2021, the FCA asked it to stop activities in the United Kingdom.
Binance launched Binance Coin in 2017 and Binance Smart Chain in 2020.