Binance is the largest cryptocurrency exchange in the world. More so, it’s currently considering setting up regional headquarters in Ireland, according to information from Reuters.
“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,”
CEO Changpeng Zhao says while talking to Reuters.
Also, Zhao confirms that Ireland is part of Binance’s headquarters plans. However, He didn’t go further to provide more details as to Binance’s plans.
Binance For Ireland Regional HQ
More so, Zhao’s comments are in response to a local local Irish media saying that it has three companies — Binance (APAC) Holdings, Binance (Services) Holdings and Binance’s Technologies — in Ireland on Sept. 27.
Notably, Binance has registration for its first Binance firm in Ireland, Binance’s (Ireland) Holdings, in August last year.
Furthermore, it operates without specific headquarters. Despite, it being a centralized exchange. Since the regulator bodies are coming up tight on exchanges. More so, it is reacting and taking more proactive ways to engage with the regulators.
Additionally, Zhao lives in Singapore and this is going to be a good option for regional headquarters. Currently, The country’s regulator, the Monetary Authority of Singapore (MAS) is threatening Binance.com for possible violation of the Payment Services Act (“PS Act”). Of course, already have placed the exchange on its Investor Alert List. Meanwhile, this is because of carrying out the business of providing payment services without proper license. Additionally, it announces halting Singapore users from buying cryptocurrencies using fiat, spot trading. Also, liquid swaps on its main Binance.com platform from Oct. 26.
However, it currently operates in Singapore as a separate entity. Binance Asia Services (BAS) exempts from holding a license as part of transitional arrangements under the city-state’s PS Act for the provision of digital payment token services.
Conclusively, This exemption allows entities to offer services while their license applications is underway. BAS’ license application is currently under review, according to information from MAS.
