EXCLUSIVE: Binance France joins the Adan board

Wednesday, June 28, 2023

On Tuesday, the French subsidiary of the crypto giant was elected to the board of the main Web3 association in France and Europe. Other players such as banks Société Générale-Forge and Delubac were also elected.

The results were in on Tuesday evening. After a few hours of a general meeting, the 200 members of the Association for the Development of Digital Assets (Adan) voted to renew the companies that will sit on their board of directors, and according to our information, several new players made their entry.

Among these newcomers is Binance France. The French subsidiary of the crypto giant has been elected as one of the 10 companies that will represent the trade association, which is the largest in the sector in France and Europe.

Binance France is a major player in France, with more than 200 jobs, but this election has some people scratching their heads. "Not sure it's the best idea," slips in one Adan member. The company, run in France by David Prinçay, is notably the target of a preliminary investigation for "aggravated money laundering". Binance refutes these accusations.

Other new players such as SG-Forge, the crypto subsidiary of Société Générale, and Banque Delubac have been elected to the Adan board. This is also the case for DLPK, parent company of Nortia, which specialises in solutions for wealth management advisers, as well as Cube3, which is the brand new incubator launched by the Cryptoast media.

Note that the last seat has yet to be decided. Nomadic Labs (Tezos) and Fireblocks have both tied. The result is expected on Wednesday. Meanwhile, retail giant Casino, which has many interests in Web3, was not elected.

Board members must now vote for Adan's president. The election is due to take place this Thursday, but as we revealed a few days ago, there shouldn't be much suspense as Frédéric Montagnon* (chairman of Arianee) has withdrawn his candidacy against the outgoing chairman, Faustine Fleuret. Faustine Fleuret, who is now the sole candidate, is expected to be re-elected by an overwhelming majority.

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* Frédéric Montagnon is an individual minority shareholder in The Big Whale

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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