Binance France registers €4M loss in 2022

Binance France as we speak revealed its first audited monetary statements. These first audited monetary statements cowl a 14 month interval from November 8, 2021, when the corporate was created, to the top of the monetary yr on December 31, 2022.

The audited monetary statements present that Binance France holds roughly €1 billion in crypto property on behalf of its customers (French resident Binance customers). Binance France holds 7 million USDT by itself account.

Binance France recorded a €4 million loss in 2022. The corporate claims that it’s because the accounts cowl 14 months of bills however solely six months of income. Binance France solely acquired income after it was capable of serve customers on receipt of regulatory approval from the AMF, roughly midway by way of 2022. In the meantime, Binance France incurred working prices beginning in November 2021.

The primary bills consisted of employees prices and associated payroll costs, advertising and marketing bills, skilled charges, administrative bills and taxes.

Binance France forecasts that it is going to be in revenue in its 2023 accounts with a mixed 12 months of earnings and bills.

The monetary statements had been audited by RSM Paris.