Binance France today published its first audited financial statements. These first audited financial statements cover a 14 month period from November 8, 2021, when the company was created, to the end of the financial year on December 31, 2022.

The audited financial statements show that Binance France holds approximately €1 billion in crypto assets on behalf of its users (French resident Binance users). Binance France holds 7 million USDT on its own account.

Binance France recorded a €4 million loss in 2022. The company claims that this is because the accounts cover 14 months of expenses but only six months of revenue. Binance France only received revenue after it was able to serve users on receipt of regulatory approval from the AMF, approximately halfway through 2022. Meanwhile, Binance France incurred operating costs starting in November 2021.

The main expenses consisted of staff costs and related payroll charges, marketing expenses, professional fees, administrative expenses and taxes.

Binance France forecasts that it will be in profit in its 2023 accounts with a combined 12 months of income and expenses.

The financial statements were audited by RSM Paris.