Binance France, the subsidiary of the famous crypto exchange, unveils its financial results for 2022, marked by losses due to a partial start-up of activities. However, the company remains confident for the future and is aiming for a more profitable 2023.
The year 2022 was a crucial chapter for Binance France, the subsidiary set up in the Paris region at the end of 2021. Having obtained PSAN registration with the Autorité des Marchés Financiers (AMF) in May 2022, the crypto exchange officially launched its hexagonal activities. However, the financial report audited by accounting firm RSM Paris reveals losses of around €4 million for this period.
Binance, armed for a promising 2023!
These results can be explained by the fact that the accounts cover 14 months of expenses but only 6 months of income. During this pivotal period, Binance France invested 14 million euros to cover staff salaries, marketing, administrative costs, taxes and professional fees. Despite these difficult financial beginnings, the company remains confident about its future and anticipates a more promising 2023.
Binance’s French subsidiary also holds a considerable €1 billion in crypto-assets on behalf of its users resident in France. This sum, diligently managed, testifies to Binance France’s commitment to security and reliability for its customers.
The crypto trading platform also revealed that it holds $7 million in USDT stablecoins in its account, demonstrating a prudent approach to managing its funds.
With profitable results anticipated if the accounts audit were to cover the whole of 2022, Binance France appears to be arming itself for a promising 2023, which will bring opportunities to expand its influence in the crypto ecosystem in France. Despite the initial challenges, the French subsidiary remains determined to support and satisfy the needs of its users, offering them a smooth and secure crypto trading experience.