Major cryptocurrency exchange Binans sees Ireland as part of its plans to build multiple factories around the world, its CEO told Reuters on Thursday.
Over the past few months, regulators around the world have been researching the binaries with the largest trading volume in the world. Some have banned some activities on the platform while others are warning customers that they do not have an operating license.
In response, CEO Changpeng Zhao said in July that he wanted to improve relations with regulators and that they would break with a “decentralized” structure and set up a regional headquarters.
Last month, according to company registration documents, Benson registered three companies in Ireland.
“Historically, we claim that we have no facilities. In fact, we are in the process of setting up several factories in different parts of the world,” said Changpeng Zhao in an interview.
When asked if Binan plans to set up headquarters in certain countries including Ireland, Zhao said, “Yes, it is.” He declined to provide further details on his plans for the country.
“When we started, we wanted to introduce the principles of decentralization, not headquarters, to work worldwide and without borders,” he said. “Centralized exchange management is very clear now, so you need a centralized legal entity structure.”
Between July and September, trading volume with Binance increased, indicating that the recent crackdown by regulators around the world has not had a major impact on the platform’s business.
Binance’s corporate structure is unclear. The parent company is registered in the Cayman Islands, according to documents from British courts and the Malaysian Securities and Exchange Commission.