Binance France Discloses €4 mn Loss In 2022
Binance France, which was founded on November 8, 2021, released its financial statement for the fiscal year 2022 on Friday. RSM Paris, a leading auditing firm, audited the Binance platform and concluded that the exchange had suffered a €4 million loss in France. It occurred as a result of the exchange’s revenue being less than its expenses.
Binance France suffered losses in its first financial period due primarily to regulatory barriers. Despite the fact that the crypto exchange entered French jurisdiction in November 2021, the platform only began offering trading and custody services in mid-2022 due to legal constraints, resulting in a revenue and cost mismatch.
The published statement covers 14 months of expenses from the start of Binance France in November 2021 to the end of the year in December 2022. On the other hand, the crypto exchange began generating income in July, representing a six-month timeframe since the income began.
(With inputs from Shikha Singh)
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