May 29, 2024

Binance CEO announced the search for a jurisdiction for the new headquarters.


The cryptocurrency exchange Binance is in talks with several jurisdictions to open its headquarters, but has not yet made a final decision. This was stated by the company’s CEO, Richard Teng, writes The Block.

“The idea of corporate governance is not as simple as saying, ‘Oh, I want to choose this country.’ There are many considerations behind the decision. So at the moment, we are talking with several jurisdictions, some are under consideration,” Teng added during the Paris Blockchain Week conference.

The head of Binance noted the difficulties in choosing the right location. According to him, it is necessary to take into account the local product value, local legislation, and tax conditions.

Teng also emphasized the issue of the exchange’s cooperation with regulatory bodies. He added that the biggest problem lies in the attitude towards digital assets in different regions.

In most cases, such an approach leads to “inconsistent and conflicting” rules for the industry. Cryptocurrency companies will continue to face difficulties until “harmonization of standards worldwide” is achieved, believes Binance’s CEO.

Teng touched upon the situation with Tigran Gambaryan, a top manager of the trading platform in Nigeria, who was detained. He stated that the exchange is actively working with the government and making efforts to bring the employee back, but refrained from providing details.

On November 21, 2023, Teng took over as CEO of Binance instead of the company’s founder, Changpeng Zhao, who stepped down as part of a deal with the US Department of Justice. The platform also agreed to pay a $4.3 billion fine.

The new CEO promised to transform the cryptocurrency exchange and implement a traditional corporate structure. This includes a board of directors, headquarters, and financial transparency, he clarified.

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