- Binance has published its French unit’s 2022 report. It covers a period of 14 months.
- Despite an operating loss of €4 million, the stock exchange says the company remains profitable. The organization attributed the loss on paper to the specifics of the report.
- The exchange received a license from the regulator in France only in May 2022. Therefore, revenues are recognized from July and expenses from November 2021.
The cryptocurrency exchange Binance has published a financial report on the activities of its French division for 2022. According to it, the company recorded a loss of €4 million.
The report covers the period from November 8, 2021 to December 31, 2022. This only takes into account revenues from July, as Binance was only registered with the Authority for Financial Markets (AMF) in May 2022.
According to the company’s statement, this explains the €4 million operating loss. A total of €7 billion was deposited on the platform and $7 million was deposited in a corporate account.
Revenues for the past period are mostly made up of the commission received, Binance said. The company forecasts that it will end 2023 with a balance sheet surplus.
The division has operating expenses of $14 million. The firm said it was mostly salaries and administrative costs.
Reminder, we reported earlier that Binance’s operations in France are under investigation. Charges of aiding and abetting money laundering and violating KYC requirements have been filed against the company.
Accordingly, the company has been charged with aiding and abetting money laundering and violating KYC requirements.