Binance in Talks with Multiple Jurisdictions for Headquarters Placement, CEO Reveals at Paris Blockchain Week

Binance in Talks with Multiple Jurisdictions for Headquarters Placement, CEO Reveals at Paris Blockchain Week

Crypto News – Binance, the world’s largest cryptocurrency exchange, is currently in discussions with multiple jurisdictions as it considers establishing its headquarters, revealed Binance CEO Richard Teng during the Paris Blockchain Week. Concerns have been raised by regulators and courts regarding the absence of a fixed headquarters for crypto exchanges, especially given the substantial trading volumes they handle.

In a statement made at the event, Binance CEO Richard Teng indicated that the exchange is carefully evaluating potential headquarters locations and engaging in constructive talks with various countries. While no decision has been reached yet, Teng assured that an official announcement regarding the headquarters will be made as soon as a decision is finalized.

“Our commitment goes beyond mere compliance; we aim to raise our standards, demonstrating a clear willingness to adhere to all regulations. By implementing a robust program, we aim to instill confidence in our users,” said Richard Teng.

Despite ongoing efforts by Binance to collaborate with regulators worldwide, concerns persist over the lack of a fixed headquarters, which poses risks to investors. Former Binance CEO Changpeng Zhao had previously argued that a headquarters was unnecessary for the exchange.

The U.S. Securities and Exchange Commission (SEC) has also raised questions about Binance and CZ’s failure to disclose or conceal the location of its headquarters in the lawsuit filed against Binance, Binance.US, and Changpeng Zhao.

Richard Teng declined to specify the location of Binance’s headquarters when questioned, leading some to speculate that it could be in Malta or the UAE, given CZ’s residence in the crypto-friendly nation. Meanwhile, CZ himself is currently residing in the continental U.S. amidst a money laundering lawsuit filed by the Department of Justice.

Addressing concerns about listing meme coins during periods of frenzied speculation, Richard Teng emphasized that Binance conducts thorough due diligence on meme coins before listing them and takes adequate measures to mitigate risks.

Binance has recently added numerous meme coins based on Solana, sparking a craze for meme coins among investors seeking quick profits, akin to whale activities.

Regarding the detention of Binance executive Tigran Gambaryan in Nigeria, Teng stated that the exchange is actively collaborating with the Nigerian government to secure the executive’s release. Gambaryan has pleaded not guilty in the Nigerian money laundering case, maintaining his innocence firmly.