- Ireland was on Binance’s list of possible locations for its Headquarters.
- Move comes after the company faces problems with regulators including a ban in some countries.
One of the largest cryptocurrency exchanges, Binance sees Ireland as part of its plans to establish a number of headquarters across the world, CEO Changpeng Zhao said Reuters.
The world’s largest cryptocurrency exchange by trading volume, Binance, has been scrutinized by regulators across the globe in recent months. Some have banned the exchange from certain activities; others have warned consumers that it was without a license.
CEO Changpeng Zhao said in July he wants to improve relations with regulators and intends to break away from the decentralized structure to establish regional offices.
In an interview with Reuters Changpeng Zhao said, “Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world.”
Asked if Ireland was on Binance’s list of possible locations for its HQ, he replied “Yes it does.” Although he refused to give further details.
He further added, “When we first started we wanted to embrace the decentralised principles, no headquarters, work all around the world, no borders,” he said. “It’s very clear now to run a centralised exchange, you need a centralised, legal entity structure behind it.”
Binance’s trading volumes surged between July and September, suggesting regulators’ crackdowns have had little impact on the platform’s success.
According to British court documents and Malaysia’s securities watchdog, Binance’s corporate structure is opaque. Its holding company is registered in the Cayman Islands.