Binance has chosen Paris to be Europe’s “Crypto Hub.” Is it the best way?

After making its mark in the Middle East and North Africa, Binance, the world’s biggest exchange, is moving to Paris. It wants to make the city the European centre of the crypto world. It came after the French financial markets regulator gave the company permission to offer and market its services to people in France.

In an interview, Changpeng Zhao, the founder and CEO of Binance, said: “We have a lot of people who want to work with us.”

Early cryptocurrency users don’t mind using an unlicensed exchange outside of their country, as long as it isn’t in their country. It isn’t that simple, though. If we want to get the word out, most of the people who use it will want it to be licenced and regulated.

Zhao, also known as CZ, tweeted about the news.

Binance’s move into Paris is seen by the company as a major move that will help them and the crypto industry in Europe get a foothold in the country. However, it is clear that the continent still has a long way to go before it starts using crypto. According to a Gemini survey, Europe lags behind the rest of the world by 23%.

More than that, only 17% of Europeans in countries like the UK and the Netherlands use cryptocurrencies. People who own cryptocurrencies in Europe also said that 40% of them started investing in 2021, which is the year that they started.

Some countries are wary of each other and don’t have enough money to fight back against attackers, even though Europe is a single continent.

When it comes to crypto adoption, Dubai is already on its way. Bahrain has also given Binance a crypto-asset service provider licence. Cryptocurrencies have been used in a lot of countries already. Will the development of Binance help Europe get up to speed?

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