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Crypto exchange Binance says Ireland is part of its headquarters plans

Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta’s official blockchain and digital innovation event promoting cryptocurrency, in St. Julian’s, Malta, October 4, 2018. Reuters/Darren Zammit Lobby/File Photo

LONDON (Reuters) – The chief cryptocurrency trading platform, Binance, said Thursday that Ireland is part of its plans to set up a number of headquarters around the world.

Regulators around the world have in recent months vetted Binance, the world’s largest exchange by trading volume. Some have banned the platform from certain activities, while others have warned consumers that it is not licensed to operate. Read more

In response, CEO Changping Zhao said in July that he wanted to improve relations with regulators and would cut his “decentralized” structure and establish a regional headquarters. Read more

Company registration documents show that last month, Binance registered three companies in Ireland.

“Historically, we claim we don’t have a headquarters. We’re actually only in the process of setting up a few headquarters in different parts of the world,” Changping Zhao said in an interview.

When asked if Ireland was featured in Binance’s plans to set up headquarters in a particular country, Zhao replied: “Yes, it is.” He declined to give more details about the country’s plans.

“When we first started we wanted to embrace the principles of decentralization, no headquarters, worldwide work, no borders,” he said. “Now it is very clear to run a centralized exchange, you need a central legal entity structure behind it.”

Binance’s trading volumes increased between July and September, indicating that the recent crackdown by regulators around the world had little impact on the platform’s business. Read more

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Binance’s corporate structure is opaque. And her holding company is registered in the Cayman Islands, according to British court documents and the Malaysian Securities and Exchange Commission.

(Reporting by Tom Wilson Editing) Written by Tommy Wilkes and Frances Kerry

Our criteria: Thomson Reuters Trust Principles.