The self-proclaimed Crypto Valley in Zug can look forward to a prominent influx: the world’s largest crypto exchange Binance has founded a branch there. Zug-based Binance Switzerland Exchange AG intends to trade digital assets in Switzerland, among other things, according to the Commercial Register.
“We are currently preparing a strategy for the physical market entry, which we will discuss with the national authorities and regulators,” said 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 Swiss office of the trading platform will probably not be established in central Switzerland.
“We are expected to open an office in the canton of Zurich and hire employees,” said Wild. The fact that the platform of founder Changpeng Zhao is coming to Switzerland has become apparent, the BTC-Echo portal reported about it. The company has also recently established branches in other European countries with Chinese roots, for example in Austria.
Binance has also been active in Liechtenstein for a short time: in 2018, the platform had participated in the Binance LCX virtual marketplace. However, the joint venture with German entrepreneurs went bankrupt again three years later.
This article first appeared in the digital offer of the “Handelszeitung” under the title: “World’s largest crypto exchange Binance is coming to Switzerland”
