Binance France Releases First Audited Financial Statements
Binance France has published its first-ever audited financial statements after securing registered status in the country. The report reveals key information about the company’s assets and expenses, providing transparency to its users and the regulatory authorities.
Key Points:
– Binance France commits to publishing audited financial statements annually to comply with local regulations.
– The financial statements cover a period of 14 months, from November 2021 to December 2022.
– Binance France holds approximately €1 billion in crypto assets on behalf of its French users.
– The company has 7 million USDT in its account.
– The financial records show a €4 million loss for 2022 due to covering 14 months of expenses and only six months of revenue.
Questions about Expenses:
The report raises questions about the allocation of funds by Binance France, as it mentions €14 million in operating expenses. The company explains that the major expenses were related to staff costs, payroll charges, marketing, professional fees, administrative outlays, and taxes.
Compliance and Investigation:
Binance France’s audit comes at a critical time as it faces a preliminary investigation for alleged violations of know-your-customer (KYC) procedures and money laundering activities. The company aims to demonstrate its commitment to compliance amidst regulatory uncertainty in other countries of operation.
Hot Take:
Binance France’s release of audited financial statements showcases its dedication to transparency and compliance. However, the investigation into its alleged violations raises concerns about its adherence to regulatory requirements. The crypto community will closely monitor the outcomes of this investigation, as it could have significant implications for Binance and the broader industry.
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