Binance plans to open a headquarters in Ireland
The world’s largest crypto exchange Binance is going to establish its headquarters in Ireland. Binance CEO Changpeng Zhao said that the company plans to open its offices around the world, and one of them will be located in Ireland. Another headquarters will be established in France.
Recently, Binance has come under the scrutiny of regulators in many countries. In some countries the platform was banned, and regulators of others said that Binance does not have a licenсe to provide services.
In response, CEO Changpeng Zhao said that he wants to improve relations with regulatory authorities. Tо achieve that, he intends to break up with the decentralized format of the exchange and establish several headquarters. Binance has recently registered three companies in Ireland, which is confirmed by the corporate registry documents.
During the interview, Zhao explained that Binance has never had a headquarters. However, now the company’s representatives are negotiating with regulators in many countries on the issue of establishing offices of the exchange. Zhao also confirmed that one of the offices will be located in Ireland.
Previously, Binance adhered to a decentralized format, which implies the absence of a central headquarters. Now Zhao admits that Binance must obtain official status and become a centralized exchange in order to conduct business and interact with regulators.
Binance is also considering the possibility of attracting investments from several sovereign wealth funds to reduce pressure from regulators. Zhao did not specify which funds were being negotiated with, but said that the size of their stakes in the company would not be small. At the same time, Binance CEO expressed concern about the fact that investments from sovereign funds can have an impact on the exchange and tie it to specific countries.
Previously, the exchange has already received funding from sovereign wealth funds. Binance Singapore is backed by Vertex Ventures, which is the venture capital arm of Temasek, Singapore’s sovereign wealth fund and the largest investment company in Asia.
During his speech at the recent Bloomberg New Economy Forum, Zhao stated that Binance US will hold several rounds of fundraising before entering the stock market. He believes that the company can raise several hundred million dollars. In addition, according to Zhao, over the past year, the popularity of the exchange has grown, but at the same time, the attention from regulatory authorities has also increased. Now the daily transaction volumes reach 170 billion dollars compared to 30 billion two years ago.
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