Binance France has decided to take the bull by the horns by publishing its first audited financial statements today. An approach that promises to enlighten the community on the financial health of one of its main regional centers. So what does this inaugural assessment tell us?
A winding road to profitability
The beginning is never easy, and the history of Binance France confirms it. Registered in November 2021, the company opened its accounts with a period of 14 months, until December 31, 2022.
During this period, she had to deal with a series of expenses that preceded the generation of income, resulting in a recorded loss of 4 million euros for the year 2022.
This is because, despite incurring operating costs as early as November 2021, Binance France was only able to generate revenue from mid-2022, once the regulatory authorization of the Autorité des marchés financiers (AMF) has been obtained.
However, despite this difficult first year, Binance France stays the course and wants to be optimistic. Indeed, it provides for a profitable year 2023, with a fiscal year aligned with the calendar year, covering 12 months of revenue and 12 months of expenditure.
An impressive asset and increased transparency
Binance France holds approximately one billion euros in crypto-assets on behalf of its French resident users. A figure that attests to the trust placed by them in the platform. To this are added 7 million USDT for its own account.
In addition to financial transparency, Binance reminds on his blog that he has decided to go further by submitting to an audit carried out by RSM Paris.
The audit, usually determined by local laws and regulations, demonstrates Binance’s commitment to complying with its obligations, and thus builds user confidence in the platform.
Binance: Towards new horizons
The challenges are not lacking, but Binance France shows an unwavering determination. The disclosure of these audited financial statements marks a key milestone in the evolution of Binance France. It is part of a broader movement towards transparency and accountability, a trend that could well shape the future of the cryptocurrency industry in France and beyond.
As the economist John Maynard Keynes once said so well: “The future is uncertain…but that doesn’t mean it doesn’t matter”. Binance France rose to the challenge, exposed its financial past, and charted a clear course for the future. Is the suspension of certain trading features on Binance part of these efforts?
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