Global blockchain supervision and query platform

English
Download

Binance Plans to Establish New Offices in Ireland

Binance Plans to Establish New Offices in Ireland WikiBit 2021-10-08 10:29

The world's largest crypto exchange has registered three new businesses.

Binance is planning to establish new corporate offices in Ireland, according to reports from Reuters today.

Binance Will Operate in Ireland

In an article dated Oct. 7, Reuters interviewed Binance CEO Changpeng Zhao and asked if the company had plans to establish a headquarters in Ireland. Zhao replied in the affirmative.

Zhao also clarified the statement by saying “Historically, we claim that we don‘t have headquarters.” That may refer to statements made by Zhao in May, in which he explained that the company’s employees do not work in a single location. As such, the company does not have a single main headquarters, and its new Ireland location or locations will simply be part of a larger network of offices.

Irish news site Independent.ie also reported that the company registered three firms in the country on Sept. 27. Those companies were registered under the names Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies.

The company previously registered Binance (Ireland) Holdings as well.

Though three names have been registered, the report implies that all will operate from the same location—an upstairs accountancy office in a building in south Dublin.

Exchange Faces Regulatory Challenges

Regulatory challenges may be one factor that has encouraged Binance to seek out new jurisdictions to work in.

Despite having no main headquarters, Binance‘s main market is China and Asia. However, the company recently lost part of that market, as it announced that it would block customers from China’s mainland and Singapore following government restrictions that the Chinese government put in place in late September.

Earlier this year, various U.K. banks including Barclays, HSBC, and Santander blocked their customers from making use of the exchange.

It is not clear why Binance chose Ireland as its next target market. However, some have suggested that a lack of restrictive crypto regulations and low tax rates may have attracted the company.

For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00