Binance, founded in China in 2017, is experiencing difficulties in its European planning.
Binance, one of the world’s largest cryptocurrency exchanges, had opened a regional hub in Paris last year with the aim of expanding its operations in Europe.
After opening its center in Paris last year in an effort to expand its operations in Europe, Binance, one of the world’s largest cryptocurrency exchanges, has faced challenges. While Germany, the largest economy in Europe, has yet to grant the company an operating license, French prosecutors conducted a search of Binance’s office as part of an investigation into money laundering controls.
Additionally, the Netherlands and Belgium have closed their doors to Binance. According to data from Kaiko, Binance’s share in euro-denominated crypto trading dropped from around 30% in January to approximately 15%. This year, regulators have begun implementing stricter oversight and scrutiny of cryptocurrency exchanges following the collapse of FTX. According to WSJ, the more stringent stance of European regulators could further limit Binance’s activities and increasingly make the company reliant on the Asian, African, and Latin American markets
The article also noted that countries such as Vietnam, Turkey, India, and Argentina already have the highest user traffic on Binance. According to SimilarWeb analytics firm’s May data, France, Germany, and the Netherlands are among the top 25 countries with the highest trading volume on Binance.
Binance is one of the world’s largest cryptocurrency exchanges. It was founded in 2017 by Changpeng Zhao (CZ) and is headquartered in Malta. Binance provides a platform for users to trade a wide range of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. The platform offers various trading options, including spot trading, futures trading, options trading, and margin trading.
Binance has gained popularity for its extensive selection of cryptocurrencies, competitive trading fees, and user-friendly interface. It also offers advanced trading features and tools for experienced traders. In addition to its trading services, Binance has expanded its ecosystem to include various products and services, such as Binance Launchpad (for token sales and fundraising), Binance Academy (educational platform), Binance Wallet (crypto storage solution), and Binance Coin (BNB), its native cryptocurrency.
BNB is an ERC-20 token that can be used within the Binance platform for discounted trading fees, participating in token sales, and other utilities. Binance has also launched its own blockchain platform called Binance Chain, which allows projects to issue tokens and create decentralized applications (dApps) on its network.
Over the years, Binance has grown rapidly and expanded its services globally, attracting millions of users.