CEO Of Binance Picks Ireland As Potential Location For Company’s Global Headquarters

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The Chief Executive Officer (CEO) of Binance, Zhao Chang Peng has announced that the cryptocurrency exchange is contemplating establishing a headquarters in Ireland.

As reported by Reuters, Zhao has stated that the exchange is already in the process of establishing multiple offices across the world, with Ireland being one of the potential locations.

The cryptocurrency exchange has added the European country to its list of potential locations for a headquarters as a result of increasing regulatory scrutiny from many countries.

Despite admitting that Ireland might be a potential location for a Binance headquarters, Zhao refused to provide any more information.

https://twitter.com/CoinDesk/status/1445604611491078144

Zhao only explained that they initially intended to adopt decentralised ideas from the beginning, which meant no headquarters, working all around the globe, and crossing no boundaries. 

“It’s very obvious today that in order to operate a centralised exchange, you need a centralised, legal corporate structure to support it,” Zhao said.

Earlier in July 2021, Zhao stated that the cryptocurrency exchange hoped to strengthen its ties with regulators across the world.

Binance Under International Scrutiny

Zhao’s confirmation comes shortly after Binance announced in early October that it was expanding its business presence in Ireland. 

Binance (Ireland Holdings) is the name of the company that was established in Ireland in 2020 by the cryptocurrency exchange Binance. Recently the crypto firm has included the registration of three more Binance-related companies in Ireland.

https://twitter.com/cryptonator1337/status/1446146969332822016

After publicly announcing plans to grow in 2020 and record higher trade volume, Binance has come under fire from authorities across the world. While the exchange has been prohibited in certain areas, other authorities advise consumers to exercise caution while dealing with the exchange.

In addition, the exchange has been accused of supervising unlawful activities such as money laundering and other financial crimes.

Binance Is Taking Huge Measures To Regain Public Confidence

However, Binance has already taken several measures in response to the increasing regulations such as by reducing its product offerings and tightening up customer verification procedures recently.

Binance has also made a number of important appointments as a result of the scrutiny, with the goal of improving its regulatory picture worldwide. After a search for a former Europol Dark Web expert, the company hired Nils Andersen Röed in September 2021 to work as a member of the investigations and audit team.

https://twitter.com/CoinDesk/status/1439027308828966913

This was followed up by an announcement that Aron Akbiyikian, a former investigator who specialised in digital media forensic research, has been hired as the new head of audit and investigation by the exchange in the same month.

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