Binance will establish a headquarters in Ireland

In September, the cryptocurrency platform opened three subsidiaries in the country

10.10.2021 - 07:30

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What's new? The Binance cryptocurrency exchange considers Ireland as one of the optimal locations to establish a headquarters, its CEO Changpeng Zhao told Reuters on Thursday. On September 27, Binance registered three subsidiaries in the country: Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies.

Article on Reuters

What does the CEO say? Changpeng Zhao said that Binance is developing a plan to establish several headquarters in different parts of the world. He added that Ireland was one of the best places to establish a centralized office.

“When we first started we wanted to embrace the decentralised principles, no headquarters, work all around the world, no borders. It's very clear now to run a centralised exchange, you need a centralised, legal entity structure behind it.”

Why a headquarters’ creation is necessary? This year, the exchange faced pressure from the authorities. The supervisory authorities of several states, including the UK, Hong Kong, South Africa, Malaysia, Japan and Singapore, issued warnings against the company. As a result, the platform has tightened customer identification requirements. Later, Zhao went public about plans to reorganize the company to improve relations with regulatory authorities.

As previously stated, the exchange had lost part of the market by announcing the blocking of clients from mainland China and Singapore following government restrictions by the Chinese authorities.

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