December 5, 2022

Crypto Exchange Binance may Shift Headquarters to Finance

The CEO of Binance, Changpeng Zhao, was recently talking to the media regarding his plans for the future of the exchange platform. Binance is the largest cryptocurrency exchange in the world for the time being, and there are other contenders like Coinbase that are trying to climb up the ladder and take over the position of the top gun. Binance is facing a lot of regulatory pressure from a lot of countries. However, some experts have claimed that this is normal for a cryptocurrency-leading organization.

While regulators in many countries have issued warnings against Binance, they can’t ban or criminalize the use of Binance due to the high stakes of their citizens. Furthermore, Binance CEO Changpeng Zhao has claimed in the past that the organization wishes to become compliant with the regulatory requirements of the respective region.

Binance has been hiring an army of ex-government regulatory employees and a host of legal experts to ensure that the company can work in tandem with the regulatory agencies. Furthermore, some of the cryptocurrency derivatives launched by Binance earlier this year have been retracted in many of its operational territories.

Binance CEO remarked while answering a question about the possible HQ destination for the organization. Zhao claimed that France seems like a good option for consideration under the current circumstances. Zhao also added that the need of establishing headquarters, regional offices, and localized branches for Binance is very crucial to address the issue of the regulatory unrest.

Binance Signs New Deal with French Government

Binance is no stranger to the French government and regulators. The leading cryptocurrency exchange in the world has recently signed a deal with the French government for investing 100 million euros in developing a cryptocurrency infrastructure in the region. Binance has shed light on the investment explaining that 50% of these funds will be dedicated to blockchain research.

Meanwhile, 20% is allotted to local crypto investment ventures and 20% for promoting crypto-related education and awareness. In the past, Binance has told media that it might be considering setting up an HQ in Ireland. However, it seems that the plans of the crypto exchange giant have changed.