Binance has been almost consistently butting heads with regulators in the West. It was huge news just a couple of weeks ago when it received its approval to operate as a broker-dealer in digital assets in Abu Dhabi and Dubai. The growth of Binance in the Middle East led some to wonder if Binance was pivoting to these areas that could result in high growth for years to come.
When questioned on Twitter about this Binance CEO CZ cast aside the presumption and stated that there was "more to come". Trying to think of who would be next and if they would be in the West led me to think that maybe a Nordic country could work with them or a country like Italy or Spain which are a little behind the rest of the West economically speaking.
I do not think many people will be surprised that it was France that was the first to give Binance a greenlight. Not long ago rumors circulated that Binance was looking at creating a headquarters and that it would be in France. While that did not happen CZ has spent quite a bit of time recently in France and was present at a crypto event in Paris last month.
The only reason why France greenlight Binance first caught me off-guard is that France, and for what it's worth most of the West, has a ton of rules, regulations, and red tape. We have seen with Binance.US how the company has had to create a new segment to accommodate regulators and with how bad Binance.US is the chance of Binance doing that again is slim to none. With the announcement of the greenlight Binance also stated that it was going to invest 100 million euros into the country and I think that might have been what it took to get France on board with Binance and its system.
Binance is also riding the wave of being the good guys by managing to freeze assets transferred to its platform that was from the Axis Infinity hack. Chalking up public wins like this is important for any crypto company right now with the markets as turbulent as they have been. With Europe extremely concerned about what is going on with the Russian invasion of Ukraine adding fuel to the fire was how Binance has recently limited large transactions between Russian accounts without freezing the funds' something that would drive the crypto community up a wall.
It would not surprise me with this move to see Sweden, a country that Binance has sought approval from and has worked with, become the next country to greenlight Binance. Since Binance has already been working with the country to get approval it would be natural for them to be next and for the announcement to most likely come pretty soon. Another thing to note is France might lead the way in Europe when it comes to rules and regulations. By working with France and gaining their approval it allows the rest of Western Europe to follow suit. The holdout here would probably be the UK. Since they left the EU and they have established their own rules and some like the way that they regulate crypto ads are very intense and many common crypto companies have run afoul with them before.
Overall this is a huge score for the crypto industry overall. Since they are the largest centralized exchange getting them approved in more locations will allow more and more people to get used to crypto and not be scared of it. Thus driving investors and innovation and speeding up the future technologies just waiting to be unlocked!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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