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Kul Bhushan · · 1 min readBinance to set up physical headquarters amid increasing regulatory scrutiny
“Binance, the world’s largest cryptocurrency exchange by trading volume, is looking to set up physical headquarters in multiple jurisdictions in a major concession to regulators,” Nikkei Asia reported.
Details
- While the crypto exchange operates in multiple markets, it does not have head offices registered in any country, making a number of regulators “scratch their heads,” said Binance CEO Changpeng Zhao.
- The company has not yet decided where to set up its headquarters.
Dive deeper
- Binance is facing scrutiny from regulators across Japan, Thailand, Italy, and the UK. Last month, the Cayman Islands Monetary Authority launched a probe into Binance, saying that it had not authorized the company to operate a crypto exchange within its territory.
- The exchange is reportedly also bearing the brunt of the China’s crackdown on bitcoin mining as well as the fallout from Elon Musk’s backflip on cryptocurrencies over environmental concerns.
Editing by Miguel Cordon and Arpit Nayak
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