Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
Binance has recently registered three firms in Ireland and is currently in process of establishing several organizational firms across the world.
In an interview with Reuters, Binance CEO Changpeng Zhao was asked whether he is considering scaling the company’s operations by establishing new company headquarters (HQ) in Ireland. Zhao responded yes to the question but did not provide any further details regarding his plan to upscale the company’s entrepreneurial visibility.
Binance is currently one of the leading crypto exchanges in the world in terms of the daily trading volume of cryptocurrency with a market capitalization of $1.3 billion.
Binance to Consider International HQ Plans
The company’s CEO Changpeng Zhao has stated in an interview that initially, they planned to embrace the decentralized form of principles by adopting a more independent work ethic in terms of physical infrastructure and offices. But now since the exchange has adopted a more centralized hierarchy, it has become clear that the company needs a legally sound entity structure behind it for it to work in synchronization.
Binance has always attracted a new set of controversies and news regarding regulatory issues and crackdowns. Regulators around the world have recently criticized the company’s policies and procedures. Some of them have banned Binance from conducting certain activities while others have issued warnings to its consumers that the exchange does not possess the proper authority and power to operate as a sound crypto exchange.
In response to such strict regulatory crackdowns, Changpeng Zhao had stated in July, that he wishes to improve his associations with the regulators and had agreed to establish a more “centralized” structure of work by building new headquarters.
The company’s trading volume soared tremendously in July irrespective of the constant regulatory pressure that the exchange was subjected to in the past. The trading volume surge indicated that it had little impact on the company’s overall trading strength and the exchange continues to thrive at a visibly higher rate in terms of revenue and profitability.
Founded in 2017, Binance’s CEO Changpeng Zhao was a developer who has initially worked on developing high-frequency trading software. The company was originally headquartered in China but shifted its operations in the Cayman Islands, Mahe Seychelles, due to the Chinese government’s decision to impose a ban on cryptocurrency proceedings in the country. The company at present is still under heavy regulatory scrutiny from the UK government and was forced to shut down its regulatory operations in the country due to an alleged money laundering issue.