The largest cryptocurrency exchange by trading volume, Binance, will finally have a headquarters, defying the widely held belief that a decentralized company can operate without an office.
Richard Teng, the new CEO of Binance, stated during Paris Blockchain Week that the cryptocurrency exchange is in talks with many countries about potential locations for its headquarters, according to the report. The cryptocurrency exchange may be indicating to authorities that it is prepared to implement significant adjustments by taking this action.
What’s going with Binance?
Teng underlined his intent to run the cryptocurrency exchange from a fresh standpoint. He claimed that following the Justice Department’s $4.3 billion settlement, the business has moved past cultural concerns. The company has now attained “regulatory maturity,” he stated in remarks, adding that the charges pertained to actions that took place during the “early stages” of the company’s development.
Binance admitted confessed to US charges of money laundering in November 2023. The business consented to pay $4.3 billion as part of the settlement. Changpeng Zhao, also referred to as CZ, was the founder and CEO of Binance until he entered a guilty plea and resigned. He’ll be sentenced shortly and might spend up to 18 months behind bars.
Teng spoke about the legal challenges Tigran Gambarayan, an executive of Binance and American citizen, is experiencing in Nigeria related to tax evasion, during his presence on Tuesday in Paris. The CEO told that he wanted to settle the issue with Nigerian authorities and bring Gambarayan back to the United States.
Why hasn’t Binance had an office?
Binance never had an office and dealt with global authorities on regulatory matters. The cryptocurrency exchange asserted its complete decentralization and never saw itself as a corporation with a central office. According to a statement made by Binance’s former CEO, Binance didn’t require a physical office because Bitcoin dosen’t have one.
Whenever he sat, that was his workplace at Binance.
For Binance, what’s next?
Binance has had difficulties in the last several years due to regulatory attention. Following the DOJ punishment, the departure of its CEO, and the impact from the collapse of the cryptocurrency exchange FTX, the exchange was in disarray.
In an effort to appease US regulators, Binance appointed its first board of directors last week, in line with Teng’s desire to start again. In order to adhere to local laws and secure regulatory permits and licenses, Binance has also set up local organizations in nations like Malta and Singapore.
