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.
👉 To go further — How to create an account on the Binance cryptocurrency platform?
10% off your fees with code SVULQ98B 🔥
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.
👉 Also in the news — EthCC  : A look back at the most significant moments of the Ethereum Community Conference
Confused and overwhelmed by cryptocurrencies? 🤔
Spot opportunities and make informed investment decisions 🔎
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.