Binance, the world’s largest crypto exchange by volume, is considering Ireland as part of their headquarters plans
Crypto trading giant Binance plans to set up multiple headquarters in different regions, including Ireland, according to a story by Reuters. Several reports have surfaced suggesting that the company is already establishing a corporate presence in the Irish region after registering several subsidiaries there.
While Binance (Ireland) Holdings has been registered in the country for about a year, the firm has registered three more companies in the past few days. Binance APAC Holdings, Binance Services Holdings, and Binance Technologies were all registered on different days last month.
Irish law firm Mason Hayes & Curran was hired, with records showing that Binance’s office is an accounting office in a blank building in south Dublin. The records also show that between September 10 and September 13, there was an official signature by CEO Changpeng Zhao. The documentation also gives Zhao’s address in Malta and confirms his Canadian citizenship.
Binance has faced regulatory skirmishes around the world, and just recently even crypto-friendly Singapore asked the exchange through the Monetary Authority of Singapore to stop offering crypto trading services through its global platform Binance.com. The exchange confirmed the guidelines, although they did not affect Binance Singapore, a partner service of Binance Asia.
To confirm the report, a Binance spokesperson said: “We are working closely with the Monetary Authority of Singapore and other global regulators to ensure compliance with relevant regulatory standards and facilitate any required service changes.”
Binance has tried to turn the overwhelming regulatory tide through incremental advances to achieve compliance in various countries around the world. CEO Zhao previously admitted that the company operated on a decentralized basis despite being a centralized exchange. This made it difficult to work with the authorities, he said.
In a previous interview with the South china morning post, he affirmed that the exchange needs to build centralized operations with a clear board, risk control and defined investors.
The Central Bank of Ireland has warned citizens not to invest in speculative digital assets such as crypto. Back in May, the bank informed users that cryptocurrencies such as Bitcoin were of great importance due to their volatility, which left users with losses. The bank’s governor Gabriel Makhlouf also warned of the risks associated with crypto, including the lack of transparency, the use of crypto in crime, and the high energy consumption associated with crypto mining.