TL; DR Breakdown
- Binance wants to set up its headquarter in Ireland.
- Binance launches its crypto exchange in the country.
- Regulators issues warning about the crypto exchange.
Crypto exchanges are regarded as the custodian of crypto trades as traders bank on them to trade certain assets. But while most of them are popular and provide good services, they have aspects in which they are required to do better. A lot of individuals and institutions have criticized Binance in the crypto market due to the company’s lack of a central headquarter. With this, the company seems set on making Ireland the home of its headquarters.
Binance sets up a crypto exchange branch in Ireland
According to the Irish Independent, the crypto firm set up three companies across the country in recent times. The companies in question, Binance Holdings (APAC & Services) and Binance Technologies, were set up on the 27th of September. Earlier today, the media outlet announced that the firm had set up a branch of its crypto exchange, Binance Exchange (Ie), in the country.
In a statement by Binance CEO Changpeng Zhao, he stressed that the company has been considering Ireland in a list of options to set up a central headquarter. He mentioned that when the company first started, there was no urge to include a headquarter as the board planned to decentralize the company’s activities. However, Zhao said he now know how useful a headquarter is to a centralized exchange, and the company is looking at a list of options.
Although all things point at Ireland being the central place for a headquarter, the company’s spokesman recently said the company is considering some other friendly locations. The spokesperson noted that the company wants a location that will tick all the available boxes regarding regulatory oversight, consumer protection, and company needs.
Regulators warn users about the exchange
Although the platform has witnessed success across the crypto sector, it has done that with regulators across the world breathing down its neck. Netherlands and Japan are perfect examples where regulators have warned users of the risks of trading with the exchange. Asides from that, regulators in the Cayman Islands and Italy have reiterated to users that the exchange is not registered in the countries.
Malaysia slammed a lawsuit on Binance for illegally providing crypto services to its citizens. At the same time, Singapore claims that the crypto exchange was going through being granted a license to operate in the country. However, the regulators are known to reject applications such as Binance’s. The United Kingdom’s FCA recently warned users against the companies UK branch, Binance Markets Limited.
The FCA also said that the firm might not pass regulatory approval because it had failed to honor its request to submit some documents. With Regulators on its tail, a central headquarter would be something the company needs to achieve its aims. Going by the news outlet in Ireland, the country could establish its headquarter in the country. However, Binance will need to pass certain requirements to get a license to operate in the country.