After the bankruptcy of FTX, a transparency race started in cryptocurrency exchanges led by Binance, and it was aimed to regain the trust of investors.
Binance, which has done well in this regard, has made a commitment to the transparency of other institutions as well as its global stock market.
Binance France shared its audited financial statements and reserves for the first time today.
According to the announcement made by Binance, the following statements were included in the audited financial statements:
“Binance France holds ~€1 billion worth of crypto assets on behalf of its users (Binance users residing in France).
Binance France holds 7 million USDT in its own account.
Binance France recorded a loss of 4 million euros in 2022, as the accounts only cover six months of income while covering 14 months of expenses.
Binance France generated revenue in about half of 2022 when it was able to provide services to users after obtaining regulatory approval from the AMF. Meanwhile, Binance France has incurred operating costs from November 2021.
Binance France's revenue mainly consists of trading fees.
Binance France predicts it will be profitable in 2023 accounts with a total of 12 months of income and expenses.
The financial statements have been audited by RSM Paris.”
Binance recorded operating expenses of 14 million euros during its downtime in France. These expenses are; personnel costs and related payroll fees, marketing expenses, professional fees, administrative expenses and taxes.
