The Binance headquarters to be established In Ireland as the latest reports show with Changpeng Zhao hinted that this country will likely become the new home of the crypto exchange platform so let’s read more about it in today’s Binance news today.
The leading crypto exchange will set up the headquarters in Ireland with the initiative coming after the total crypto ban in China and the avalanche of regulatory issues as the company was under heavy scrutiny from worldwide watchdogs. The topic of Binance having headquarters was always an issue for the company and as of late the CEO Changpeng Zhao suggested that the company will have to settle in one or more locations. The coverage by the Irish Independent revealed that one of those places will likely be Ireland without really an explanation why. However, CZ explained why his company will part with the decentralized principles:
“When we first started, we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders. It’s very clear now to run a centralized exchange, you need a centralized, legal entity structure behind it.”
The trading venue set up three companies in Ireland, Binance Service Holdings, Binance Technologies, and Binance APAC Holdings. Now, it established a third one named Binance Exchange. Ireland was a preferred location for many crypto companies. BNY Mellon as the oldest bank in America even set up a digital asset unit in Dublin called Digital Innovation Hub that acts as a custodian for crypto and NFTS. A few months later, PayPal formed a crypto team in Ireland and explained that locals were showing a growing interest in BTC and other altcoins. Founded in China in 2017, the digital asset platform moved outside of its homeland because of the hostile crypto stance from the government.
Binance also got plenty of regulatory backlash from different watchdogs across the globe like the UK FCA. The agency stated that the exchange is a major risk and can’t really be supervised effectively. Not so much later, the Financial Sector Conduct Authority of South Africa issued a warning that Binance doesn’t have the registration to offer brokerage services or to give investment solutions in the country. Zhao then vowed to change the structure of his company and turn it into a financial institution with centralized headquarters, but then later said:
“We want regulation, I am not a complete libertarian, I’m not an anarchist.”
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