Binance France publishes its accounts for the first time

The tricolor branch of the giant Binance published from first financial statements. Binance France holds approximately one billion euros in crypto-assets on behalf of its customers.

This Friday, Binance announced the publication of the accounts of Binance France. The world’s number 1 cryptocurrency exchange has turned to British auditing firm RSM (RSM France) for the audit of the financial situation of its subsidiary.

These financial statements will be published annually in accordance with Binance France’s local legal and regulatory requirements. […] These first audited financial statements cover a 14-month period, from November 8, 2021, the company’s inception date, to the end of the financial year on December 31, 2022″, indicates Binance in a press release.

According to the announcement, Binance France holds approximately one billion euros in crypto-assets on behalf of its French users and 7 million stablecoin USDT for its own account.

The platform recorded loss of 4 million euros in 2022. Binance justifies this loss by the fact that the accounts cover 14 months of expenses for only 6 months of income. “ Binance France began receiving revenues only after receiving regulatory approval from the AMF to operate in France, and this was around mid-2022, whereas operating costs were incurred as early as November 2021,” says the company based in Montrouge in the Paris region, specifying that it would normally be profitable over 12 months.

Binance France generates the majority of its revenues thanks to fees charged on cryptocurrency trading. The expenses include staff salaries, marketing costs, administrative expenses and taxes.

Last month, LeMonde reported that Binance France was suspected by the French Finance Ministry’s Judicial Investigation Department of having failed to comply with its KYC obligations, and of having approached customers outside the legal framework.

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