Binance France reported a €4 million loss for the financial year of 2022 in recent audited financial reports, released earlier today. The exchange is the French arm of one of the most prominent virtual asset service providers (VASP) in the world, registering with Autorité des Marchés Financiers’ (AMF) in May of last year. The figures submitted to Paris-based accounting and audit firm RSM France reveal that the exchange held a total of €1 billion as crypto assets belonging to its local French user base, as well as 7 million USDT.
The majority of the firm’s revenue mainly comes from commissions charged on its platform by users. But its €4 million loss reportedly results from incurring 14 months of expenses within the past six months of revenues, due to the lack of approval from the AMF in the beginning. As soon as investigations by the regulator were cleared and licenses granted though, Binance France started running the same month of the following year.
Despite these setbacks, projections predict that the platform will regain profitability in 2023, sustained mostly by its international arm. Moreover, the financial statement explained that if the parity between charges and revenue had been established earlier, it’d have seen a very different set of results last year.
