Have you ever wondered where Binance, one of the world’s leading cryptocurrency exchanges, is located? Well, the answer might surprise you. Binance’s new CEO, Richard Teng, recently declined to disclose the location of the company’s global headquarters in an interview with the Financial Times. This refusal to reveal their base of operations is in line with Binance’s image as a truly global company.
Teng firmly stated, “Why do you feel so entitled to those answers… Is there a need for us to share all of this information publicly? No.” While he didn’t reveal the exact location, Teng did mention that Binance’s European headquarters are in France and their Middle East headquarters are in Dubai. He assured that the global headquarters will be disclosed “as and when it’s appropriate.”
In terms of regulatory compliance, Teng mentioned that Binance undergoes audits in the jurisdictions where it is regulated. However, he did not disclose the names of the specific audit firms. It is worth noting that Binance’s former CEO, Changpeng Zhao, had previously stated that Binance has no global headquarters at all. The company’s website also does not list any headquarters but rather highlights a global advisory board with members from around the world. While Binance has a holdings company in Malta, the country’s regulators have denied any authority over the company.
The true base of operations for Binance has been a subject of controversy for some time. According to sources, including the Financial Times, there are allegations that the company maintains ties to China, even after officially exiting the country years ago. These claims have fueled ongoing speculation and debate.
Despite the scrutiny, Teng highlighted that it has attracted users to Binance. He discussed the agreements with U.S. agencies, which require Binance to operate under a compliance monitor for up to five years. This monitor, appointed by the U.S. government, has instilled confidence in both individual and institutional users. Teng stated, “The compliance monitor… is a key positive… That gave a lot of confidence to users including institutional users which are now approaching us in a very aggressive fashion.”
It is crucial to mention that Binance recently reached a settlement with various U.S. agencies, including the Department of Justice, the Commodity Futures Trading Commission, and two U.S. Treasury agencies. As part of the settlement, Binance will pay substantial fines and commit to enhancing its compliance efforts. Former CEO Changpeng Zhao has pleaded guilty to related charges and will face sentencing in February. Tang, who succeeded Zhao as CEO, is now leading the company into a new chapter.
In conclusion, Binance’s decision to withhold information about its headquarters location may raise questions, but it aligns with the company’s global image. The scrutiny it faces has not deterred users and has even attracted institutional investors. As the cryptocurrency industry continues to evolve, Binance remains a major player, adapting to regulatory requirements and working towards building trust and confidence in the market.
Mentioned in this article: Richard Teng, Changpeng Zhao