Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is set to open a new office in Paris. The move comes as the French government prepares to unveil its long-awaited regulatory framework for the crypto industry.
Binance has been expanding rapidly in recent months, opening offices in Malta, Jersey, and Singapore. The exchange is now looking to capitalize on the growing interest in cryptocurrency trading in Europe.
France is one of the continent’s leading markets for crypto trading, with a number of major exchanges already operating in the country.
The French government has been working on a regulatory framework for the cryptocurrency industry for some time. The draft legislation is expected to be presented to the French parliament later this year.
Binance’s decision to open an office in Paris suggests that the exchange is confident that the new regulations will be favourable to the crypto industry.
Binance is not the only major exchange planning to expand into France. Huobi, another leading exchange, announced last month that it was opening an office in Paris.
Huobi has also applied for a license to operate a crypto-asset management firm in the country.
The increasing presence of major cryptocurrency exchanges in France is a positive sign for the development of the country’s crypto industry. The arrival of Binance and Huobi will bring more competition to the market and could help drive down fees for traders.
It also sends a strong message of confidence in the future of the French crypto industry from some of the world’s leading exchanges.