Binance France first audited financial records covering 14 months between when the company was created in November 2021 to December 2022 showed that the exchange recorded a loss of €4 million.
Throughout the period, Binance France incurred total expenses of €14 million to cater for its staff payroll, marketing, administrative costs, taxes, and professional fees. However, it generated only €10 million in revenue during the same period.
The exchange explained that the loss was because it generated revenue for six out of the 14 months of expenses. Although it started operating in November 2021, the exchange did not service customers until it got regulatory approval from the Autorité des marchés financiers (AMF) in mid-2022.
Meanwhile, the exchange said it expects to profit in 2023 when it has a full year of revenue to match operating expenses.
RSM Paris, a leading auditing service provider, audited Binance France.
Binance holds €1B in crypto for users
Binance France revealed tha
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