Due to the increasing regulatory heat in jurisdictions throughout the globe, high-profile crypto exchange is planning to move its operations to Ireland.
Specifically, Binance has reportedly been operating across the world for years, in the form of a “decentralized” structure, per remarks from its Head – Changpeng Zhao.
In the latest update from the Irish Independent, Binance has reportedly set up three subsidiaries in the nation on September 27th, Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies – with Zhao taking the leading position for the entities individually.
Zhao additionally disclosed via a Reuters interview that at the moment, Binance is working towards building up several headquarters in numerous corners of the globe, and when Ireland was brought up in a question of whether this jurisdiction is included, CZ gave a “Yes” response.
“Historically, we claim that we don’t have headquarters. When we first started we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders. It’s very clear now to run a centralized exchange, you need a centralized, legal entity structure behind it.”
Binance’s initiative to strengthen its compliance level reportedly took place amid the time regulators globally have made moves to put a limit on the offerings from the exchange, or warn their citizens against trading on the unlicensed platform.
Following its official introduction in China in the month of July 4 years ago, Binance has undergone regulatory arbitrage throughout the world, after the Chinese authority conducted a domestic scrutiny on local crypto exchanges that year.