chooses Paris for European headquarters

FILE PHOTO - Bitcoin Conference 2022 in Miami Beach

(Reuters) – Cryptocurrency platform will set up its European regional headquarters in Paris, the Singapore-based company said on Wednesday.

The firm will invest 150 million euros ($145.7 million) in France to support the establishment of its market operations, it said in a statement, adding it will hire local talent in the fields of compliance, business development and product.

The cryptocurrency exchange platform, which has more than 50 million users worldwide, received regulatory approval by the French market authority last month, allowing it to offer products and services to customers in France. also got regulatory approval in the United Kingdom and Italy earlier this year.

In May, cryptocurrency exchange Binance said it had registered with France’s market regulator, with Binance France’s general manager David Prinçay adding it was now seeking a formal licence to open a regional headquarters in France.

($1 = 1.0299 euros)

(Reporting by Elena Vardon, Editing by Louise Heavens)