Binance France has published the first audited annual accounts of its local branch, reporting on its financial situation. What are the important points that emerge from these results?
Binance France presents its accounts for the first time
Binance France published today its first audited financial results for fiscal year 2022in accordance with the legal requirements in force in the country.
With the platform’s registration as a Digital Asset Service Provider (DASP) on May 4, 2022, local branch accounts will now be published annually. As it happens, the period covered is from November 8, 2021 to December 31, 2022.
Binance France released its first audited financial statements today. We believe our community of Binancers and the media will be interested in the financial results of one of our major regional hubs.https://t.co/ZM50btsl5Z
— David Princay (@davidprincay) July 21, 2023
First, we learn that as of December 31, 2022, Binance France held approximately one billion euros on behalf of its clients.
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In addition, the platform has accompanied its financial results with an FAQ, in order to explain to users the points that could lead them to question themselves, in particular the fact that a operating deficit of 4.185 million euros has been realized :
“The 2022 accounts cover 14 months of expenditure, but only 6 months of revenue. Binance France only operated as an exchange after obtaining the PSAN registration, which means that the first revenues were received only from July 2022. Although not yet operational, Binance France incurred operating costs from November 2021. If the revenues had been for a full year, Binance France would have recorded profits. Binance remains a profitable business globally. »
Before obtaining the PSAN registration, the revenue generated by French customers was therefore attributed to the global arm of Binance. In addition, the exchange indicates that the financial year presented here starts in November 2021, given that this is the date on which the branch in France was created.
In addition, Binance France held approximately 7 million euros of USDT at the closing of said balance sheet, as well as total revenues amounting to 10 million euros, mainly from trading fees at nearly 80%. With a year 2023 having a complete activity, the platform also announced that it plans to record profitswithout however advancing on the figures for the moment.
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Source: Binance
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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