Binance, a major cryptocurrency exchange, views Ireland as part of its global expansion ambitions, according to its CEO, who spoke to Reuters on Thursday.
Binance, the world’s largest exchange by trading volume, has been scrutinized by regulators throughout the world in recent months. Some have prohibited the site from engaging in specific operations, while others have informed users that it is operating without a license.
In response, CEO Changpeng Zhao stated in July that he intended to repair ties with regulators and that the company will abandon its “decentralised” structure in favor of regional offices.
Binance formed three companies in Ireland this month, according to corporate registry data.
“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world,” in an interview, Changpeng Zhao stated.
When asked if Ireland was part of Binance’s intentions to set up shop in a certain nation, Zhao said, “Yes, it is.” He refused to reveal any further information on the country’s plans.
“When we first started we wanted to embrace the decentralised principles, no headquarters, work all around the world, no borders,” he stated. “It’s very clear now to run a centralised exchange, you need a centralised, legal entity structure behind it.”
Binance’s trading volumes increased dramatically between July and September, indicating that recent regulatory crackdowns throughout the world had no influence on the platform’s operations.
The corporate structure of Binance remains a mystery. According to British court records and Malaysia’s securities commission, its holding company is registered in the Cayman Islands.