Binance Registers Three Firms in Ireland amid Pressure on Crypto

The largest exchange in the world Binance has registered three of its firms in Ireland. The move comes after the crackdown on crypto trading in China that has caused a sense of uncertainty.

According to a report by Ireland’s independent new outlet, Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies were officially authorized in the country on 20th September. During the previous year, Binance had registered its first Binance firm in Ireland- Binance(Ireland) Holdings. Binance(Ireland) Holding was established under Zhao’s residential address in Malta. However, Malta’s financial regulator initially asserted that the exchange did not fall under its purview, despite being authorized there in 2018.

Binance Founder and Chief Executive Officer Changpeng Zhao still retains his position as the director of the three registered firms. The official documents were signed on September 10 and September 13.

On 27th September, Binance announced that the citizens of Singapore would not be allowed to use Binance’s main platform, Binance.com, for its crypto trading activities. The verdict was announced following the address of the Monetary Authority of Singapore to seize all their operations of furnishing residents with payment services. The regulation authority claimed that the company was violating the payment services without a conventional license.

While this is true, a different firm named Binance Asia Services is excused from possessing a license in Singapore. The newly established Binance companies are raised on its behalf by the Dublin-based full-service business law firm Mason Hayes & Curran.

The company documents enlist the Binance firms’ location of the business as an accountancy place right on top of an athletics shop at a mediocre building in the south of Dublin.

The move comes after increasing pressure from regulators against the Binance brand name in countries like Australia, the United States, and the United Kingdom.

While CoinDesk has been trying to reach out to the company’s spokesperson for an official statement, there hasn’t been a dialogue from Binance’s side.

A day ago, it was reported that the trading volumes at the major cryptocurrency exchange soared between July and September, even with the massive crackdown on crypto platforms from governments and regulators all over the world. Concerned over the consumer protections and standards of anti-money laundering checks at various crypto exchange giants, regulators in Britain and Germany along with China have forced up its pressure on the companies.