Binance CEO: 'France's proactive stance on innovation is one of the reasons we are investing heavily in the market'

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Binance CEO: 'France's proactive stance on innovation is one of the reasons we are investing heavily in the market'

Web3/Crypto

Binance CEO Richard Teng (left) and President Emmanuel Macron (right) | X/_RichardTeng, X/EmmanuelMacron

By Crypto Republique

Jun 20, 2024

Richard Teng, the CEO of crypto exchange Binance, emphasized the importance of the French government's support for innovation in fostering growth within the crypto industry. Teng shared his views during a June 17 episode of the Bankless podcast.

"France's proactive stance on innovation is one of the reasons we are investing heavily in the market," said Teng. "We believe that this support is crucial for the growth of the crypto sector."

According to Teng, President Emmanuel Macron's administration has been "very supportive" of technological innovation, creating a "favorable environment" for financial technology and blockchain firms.

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In 2022, Binance selected Paris as its European hub and announced plans to increase its headcount there from 50 to 250 employees, Euronews reported. Martin Bruncko, Binance’s Executive Vice President for Europe, said the crypto exchange had been in communication with French authorities for two years before receiving digital asset service provider (DASP) registration from the country's financial regulator.

Changpeng Zhao (CZ), co-founder and former CEO of Binance, praised France's pro-crypto policies during a conference at the Paris stock exchange’s historic building in April 2022. "France has some very pro-business, pro-crypto regulations and also just (the) government's attitude towards this industry ... has been phenomenal," CZ said at the event. He also pledged a €100 million investment in France and a €2 million contribution to a restoration project at Chateau de Versailles.

Prior to Macron's re-election in 2022, he stated that the Web3 and crypto industries represent "an opportunity not to be missed [...] for France and Europe to lead the future generations of the web," CoinTelegraph reported.

Before joining Binance in August 2021, Teng served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore, according to Binance’s website.