• Binance establishes office in Zug
• In talks about starting in Switzerland
• Binance continues to expand
Move to Crypto Valley
The Swiss canton of Zug has been developing into a magnet for crypto companies since Bitcoin 2016 at the latest, when payment methods for selected services were to be accepted, and has become known in many places as the crypto valley. In the meantime, however, the so-called Crypto Valley stretches across the whole of Switzerland.
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As the Luzerner Zeitung reported at the beginning of the year, citing an evaluation by the Zug-based venture capital firm Crypto Valley Venture Capital, the Swiss Crypto Valley had more than 1,000 companies with a total of around 6,000 employees at that time for the first time. According to the current “CV VC Top 50 Report”, the companies from the Crypto Valley achieved a combined valuation of 611.8 billion dollars.
Although the Crypto Valley now extends far beyond Zug, the canton remains the center for companies in the crypto sector. Of the more than 1,000 companies, 528 were based in Zug, 204 in Zurich, 69 in Geneva, 50 in Ticino and 85 in Liechtenstein – and now the canton has grown further.
Binance establishes branches in Switzerland
The world’s largest crypto exchange, Binance, has set up a branch in Zug, reports the Handelszeitung. As can be seen from the commercial register, Binance Switzerland Exchange AG wants to trade in digital assets in Switzerland, among other things.
“We are currently preparing a strategy for physical market entry, which we will discuss with the national authorities and regulators,” quotes the Handelszeitung as Michael Wild, Managing Director at Binance in the DACH region. Despite the “excellent conditions” for Binance in the canton of Zug, according to Wild, the crypto exchange’s Swiss office will probably not be built there. “We will probably open an office in the canton of Zurich and hire employees,” says Wild.
It had already become apparent that Binance was coming to Switzerland. As previously reported by BTC-Echo, Wild told the portal that they “already have offices, such as in Paris and Amsterdam” and that “Vienna and other cities” will follow soon – and also agree to Binance’s plans for Switzerland voiced.
Expansion in Europe is progressing
Binance, which has its roots in China, has already established branches in other European countries, such as Austria. A few weeks ago, the crypto exchange received approval in France. France could thus become the headquarters in Europe for Binance. In Germany, meanwhile, efforts are being made to obtain a crypto custody license that would allow the company to store and trade digital currencies. Recently, the crypto exchange had to suffer some setbacks: Since last year, German customers can no longer trade futures at Binance Germany and trading in crypto leverage trading products has been stopped. Customers from Italy and the Netherlands were also affected by the restrictions.
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