Binance, the world’s largest crypto exchange, is facing renewed scrutiny over its lack of a permanent headquarters. This comes as CEO Richard Teng revealed the company is in talks with several jurisdictions to establish one.
The issue of headquarters has been a thorn in Binance’s side for some time. Regulators and courts have repeatedly raised concerns about the exchange operating without a central location, especially given its massive trading volumes.
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During the Paris Blockchain Week, Teng emphasized Binance’s commitment to regulatory compliance. He stated the company is actively engaged in discussions with various countries for a headquarters and will prioritize user confidence through robust compliance practices.
🪙 "Our commitment extends beyond mere compliance; we aspire to elevate our standards, showcasing a demonstrable willingness to adhere to all regulations. A robust program instils confidence in our users." – Richard Teng, CEO of @binance @_RichardTeng sets the stage at… pic.twitter.com/NYSYjrA92S
— Paris Blockchain Week (@ParisBlockWeek) April 9, 2024
This announcement comes after former CEO Changpeng Zhao (CZ) downplayed the need for a headquarters. The SEC’s lawsuit against Binance, Binance.US, and CZ specifically cited the lack of a headquarters as a potential risk to investors.
Teng remained tight-lipped on the specific locations under consideration. However, speculation points towards Malta or the United Arab Emirates (UAE), where CZ currently resides. This is in contrast to his previous situation, where he faced legal troubles in the US and was forced to stay within the country.
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The conversation with Teng also addressed the recent meme coin frenzy and Binance’s listing practices. He assured investors that Binance conducts thorough due diligence before listing meme coins, aiming to minimize potential risks. This comes after a surge in new Solana-based meme coin listings on the platform, mirroring a broader trend of investors chasing quick profits.
Finally, Teng commented on the ongoing case of Tigran Gambaryan, a Binance executive detained in Nigeria on money laundering charges. He asserted Gambaryan’s innocence and confirmed that Binance is actively working with Nigerian authorities to secure his release.
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