Binance in Search of Crypto-Friendly Jurisdiction to Decide Its HQ

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At the ongoing Paris Blockchain Week, Binance CEO Richard Teng shared that Binance is holding discussions with several cryptocurrency-friendly locations to determine its next headquarters. Despite being one of the biggest crypto exchanges in terms of trading volumes worldwide, Binance has yet to secure a permanent base for its operations.

In recent times, regulatory bodies from various countries have expressed apprehensions regarding Binance not having a physical headquarters. At the Paris Blockchain Week’s fireside chat, Teng made this statement:

When it comes to corporate governance, it’s not as simple as choosing a country at random by saying “I want this one.” There are numerous factors to take into account. Currently, we’re in talks with several jurisdictions, and there are more being considered. The decision isn’t easy due to the various aspects that need evaluation. Where does our product line fit best? Which jurisdiction has regulations that align with our product range and usage?

Changpeng Zhao and now Binance’s new CEO, Teng, have refused to reveal the location of Binance’s headquarters for years. The SEC has criticized them for this lack of transparency in their legal battle against Binance.

His recent remarks indicate that the exchange is currently searching for a site. He mentioned, “We’ll announce it when we’re ready.”

Binance Working Closely with Regulators in Different Jurisdictions

In a recent fireside chat, Teng revealed that Binance is prioritizing efforts to work more closely with regulators at present. He acknowledged, though, that the greatest hurdle lies in the fact that various regulatory approaches to cryptocurrencies differ significantly from one jurisdiction to another. Consequently, regulations can be inconsistent and even contradictory in different locations.

One major hurdle the crypto industry will need to overcome is the lack of global standardization. It’s a complex issue that may take a significant amount of time to resolve.

The head of Binance, its CEO, has spoken out about the situation surrounding Binance executive Tigran Gambaryan, who is presently in Nigerian custody. He expressed that Binance is working closely with Nigerian authorities and making necessary arrangements to secure Gambaryan’s safe release.

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2024-04-09 14:36