Coinspeaker
Binance in Search of Crypto-Friendly Jurisdiction to Decide Its HQ
Speaking at the ongoing Paris Blockchain Week, Binance CEO Richard Teng stated that the exchange is currently in talks with a few crypto-friendly jurisdictions to decide upon its new headquarters. Despite being one of the largest crypto exchanges globally, by trading volumes, Binance has yet to find a home for itself.
Over the past few months, regulators worldwide have raised concerns over the absence of a headquarters for Binance. During a fireside discussion at the Paris Blockchain Week, Teng said:
“The thinking behind corporate governance is not as easy as just naming ‘oh, I want to pick this country’. There’s a lot of considerations behind it. So we are speaking to a few jurisdictions as of now; a few jurisdictions are under consideration. It’s not so easy to pick one because of the multitude of factors that you have to weigh and assess. Where is the value given our suite of products? What is the jurisdictions that has regulations that can cater to our suite of products, our suite of uses?”
For years, former Binance CEO Changpeng Zhao has been avoiding concrete answers behind the absence of a Binance headquarters. The US SEC has additionally confronted Binance and Zhao for not concealing the whereabouts of its headquarters in the legal action against Binance. After assuming leadership last year, Teng has also avoided answering this question previously.
However, his latest comments suggest that the exchange is actively looking for a location. “As and when we are ready to announce, we will do so,” he said.
Binance Working Closely with Regulators in Different Jurisdictions
During the recent fireside chat, Teng stated that Binance’s major focus area currently is improving collaboration with the regulators. However, he added that the biggest challenge is how each jurisdiction tackles crypto regulations differently. This results in inconsistent and conflicting rules at different places. Teng said:
“So that is one of the key challenges that the crypto industry will continue to face until we see harmonization of standards globally. And that harmonization is going to take a long time.”
The CEO of Binance also commented on the matter involving Binance executive Tigran Gambaryan, currently detained in Nigeria. He stated that the exchange is actively collaborating with the Nigerian government and taking steps to ensure Gambaryan’s safe return.
Binance in Search of Crypto-Friendly Jurisdiction to Decide Its HQ
