Binance is looking for jurisdiction to open its headquarters

Crypto exchange Binance CEO Richard Teng said the company is in talks with several jurisdictions to open its headquarters. This is reported by The Block citing Teng's words during a discussion at Paris Blockchain Week.

He acknowledged that there are a number of factors that need to be taken into account before opening a headquarters. According to Teng, the chosen jurisdiction should have rules that are consistent with the range of products offered by the Binance exchange. In addition, the tax payment system plays an important role in this issue, said the company’s CEO.

Recall that for many years, former Binance CEO Changpeng Zhao adhered to the concept of “decentralization” in the matter of opening a headquarters. He has repeatedly stated that the company does not need a head office, since its employees work in many countries around the world.

After Zhao left the CEO position, Richard Teng took his place. Previously, he held the position of head of regional markets for Binance and was de facto responsible for all regions of the exchange outside the United States.

Since being appointed to the new position in November 2023, Teng has declined to disclose the location of the company's headquarters and its auditor. At the Crypto and Digital Assets Summit in London, he in every possible way avoided questions related to the organization’s activities and its structure.

In December, Binance co-founder Yi He said the firm's headquarters and board of directors would be established “as soon as possible.”

In April 2024, Binance Holdings, which operates the crypto exchange of the same name, established the first board of directors. In addition to Richard Teng, there are six other board members.