✍️ 21 December, 2022 – 14:21 👤 Editor: Jakub Motyka
- Binance has no specific headquarters but has offices across multiple jurisdictions.
- The exchange has faced regulatory challenges in its quest for expansion. The main question here is: where is Binance based?
- The latest news about cryptos is on our Telegram channel.
Cryptocurrency exchange Binance, the largest by daily trading volumes, is registered in the Cayman Islands, with no specific headquarters. The firm was initially based in China before shifting its headquarters offshore when the Chinese government imposed a cryptocurrency ban.
The CEO of the exchange Changpeng Zhao (CZ), has commented that his company had no specific headquarters, terming it a ‘decentralized crypto firm.’ CZ has dismissed the question about headquarters in the past, saying that his executives were not based in one location and that he has been working from home most of the time.
Binance CEO Recently Said The Platform Would Announce An Exchange Soon
In a recent report shared with Decrypt this year, CZ said that Binance was preparing to announce its headquarters soon. He also clarified that the exchange had a global company. ‘‘We have a global holding company, a global holding entity for the centralized exchange,’’ the executive said in the podcast. Pressed further on the question, CZ said, ‘‘we will announce that in due time. But the answer is simple. It is not that complicated.’’
Industry pundits claim that the lack of a specific headquarters by Binance is largely due to the exchange’s problems with regulators. At some point, the company was based in Japan, Taiwan, and Malta. However, in most of those jurisdictions the company claims to have a base, it has clashed with the regulators.
Binance Has Been Accused For Operating Without Proper Licenses
Authorities in Seychelles faulted the exchange for operating without a license. Similarly, Malta and Malaysia have issued statements that Binance was in their respective jurisdiction illegally. The Japanese Financial Services Agency also warned in 2021 that Binance was operating in the region without proper approvals. The country further accused the exchange of engaging in criminal activities.
In defense, Binance cited money transmitter licenses it obtained in 46 US states, including New York, Texas, Vermont, and Hawaii. According to him, the company was doing well in global expansion. Recent locations where Binance has expanded to include Dubai, Abu Dhabi, Bahrain, and Paris.
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- where-is-binance-based: Unsplash