Crypto exchange Binance says Ireland is part of its siege plans

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FILE PHOTO: Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta’s official blockchain and digital innovation event promoting cryptocurrency, in St Julian’s, Malta, October 4, 2018. REUTERS / Darrin Zammit Lupi / File Photo

LONDON (Reuters) – Major cryptocurrency exchange Binance sees Ireland as part of its plans to establish a number of headquarters around the world, its CEO told Reuters on Thursday.

In recent months, regulators around the world have scrutinized Binance, the world’s largest exchange in terms of trading volumes. Some have banned the platform from certain activities, while others have warned consumers that it is not licensed to operate.

In response, CEO Changpeng Zhao said in July that he wanted to improve relations with regulators and would break away from its decentralized structure and establish a regional headquarters.

Binance registered three companies in Ireland last month, according to company register documents.

Historically, we claim that we do not have a head office. We are actually in the process of establishing a few headquarters in different parts of the world, Changpeng Zhao said in an interview.

When asked if Ireland was in Binances’ plans to establish a head office in a particular country, Zhao replied: Yes, it is. He declined to give more details on plans for the country.

When we started we wanted to embrace decentralized principles, no headquarters, work all over the world, no borders, he said. It’s very clear now that in order to run a centralized exchange, you need a centralized legal entity structure.

Trading volumes on Binance soared between July and September, suggesting that a recent crackdown by regulators around the world has had little impact on platform activity.

Binances’ corporate structure is opaque. Its holding company is registered in the Cayman Islands, according to UK court documents and the Malaysian securities regulator.

Reporting by Tom Wilson Editing by Tommy Wilkes and Frances Kerry

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