Binance turning to centralized governance and might establish the central headquarter in Ireland.
Under fire from regulators around the world, Binance is looking to establish a central headquarter as a solution to its troubles. It is contemplating moving away from the ‘decentralized’ governance structure it has followed till now.
Ireland may become home to the beleaguered exchange.
Ireland, the Home to Several Binance Subsidiaries
Binance was already present in Ireland as Binance (Ireland) Holdings.
But, a report from the Irish news agency Independent revealed that Binance had established three new firms in the country on September 27 namely Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies.
The founder and CEO Changpeng Zhao (CZ) is listed as the director for each company.
In an interview with Reuters on late Thursday, CZ said that he wishes to establish regional headquarters and improve relations with regulators.
“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world. 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.”Changpeng Zhao
When asked if Ireland is one of the considerations for the location of headquarters, CZ replied, “Yes it does.”
Earlier, it was believed that Binance was based in the Cayman Islands. However, in July the Cayman Islands Monetary Authority cleared the smoke. It announced that the exchange is not registered in the country, further convoluting the matters.
Binance may be under the lens of regulators around the globe, but its trading volumes suggest that business is not hurt. In the last 24 hours, its trading volume stood at over $93 billion, which is the highest in the world.
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