While some countries have banned the platform from certain activities, others have warned consumers that it was unlicensed to operate. In response, Zhao said in July he wanted to improve relations with regulators, and would break with its “decentralised” structure and establish regional headquarters. Last month, Binance registered three firms in Ireland, corporate registry documents show.
“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world,” Zhao said in an interview. Asked if Ireland featured in Binance’s plans to establish headquarters in a particular country, Zhao said, “Yes it does.” He declined to give further details of the plans for the country.
“When we first started we wanted to embrace the decentralised principles, no headquarters, work all around the world, no borders,” he said. “It’s very clear now that to run a centralised exchange, you need a centralised, legal entity structure behind it.”
Trading volumes at Binance soared between July and September, suggesting a recent crackdown by regulators across the globe has had little impact on the platform’s business.
Binance’s corporate structure is opaque. Its holding company is registered in the Cayman Islands, according to British court documents and Malaysia’s securities regulator.
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