Binance has registered three new businesses in Ireland. They have been registered in Dublin since 27 September:
- Binance (APAC) Holdings,
- Binance (Services) Holdings,
- Binance Technologies.
Why Binance chose Ireland
According to the Independent, all three Binance-related companies have Changpeng Zhao as CEO. The documents were sent between 10 and 17 September. Binance Ireland Holdings had already been there since last year.
The Irish newspaper links this “transfer” to Binance’s latest vicissitudes in Singapore. The Asian city’s monetary authority has accused the exchange of operating without a licence. Binance responded by blocking the possibility of trading in Singapore for local users on Binance.com. The “victims” of this provision have been invited to register on Binance.sg where they trade Bitcoin, Ethereum and BNB. Other assets will be launched in the future.
Binance and the problems with regulation
The exchange has recently been at the centre of a number of issues with the authorities in the countries where it operates. As CEO Changpeng Zhao has said on several occasions, the platform is ready to work with the various regulatory authorities to comply with regulations. The aim is to grow the crypto sector,
To do so, it is opening various alternative sites on which to operate, depending on the country. In the United States, there is already Binance US. Similarly, Binance UK is active in the United Kingdom, just to give a couple of examples.
The escape from China
Binance was founded in 2017 in China. It had to leave the country as a result of Beijing’s restrictions. Despite these vicissitudes, the exchange has grown by leaps and bounds and is now considered the world’s leading crypto platform.
It boasts $2 billion in daily volumes and 1.4 million transactions per second. It has created a true ecosystem, with its own native token, BNB, its own wallet, its own blockchain and DEX, to name some of the products offered by Binance to its community.
This global vertical growth has attracted the attention of various regulators. There have been several cases where the exchange has been challenged for lack of authorization. Binance has reacted by cooperating with the authorities, with the aim of improving itself, growing further and making a significant contribution to the growth of the crypto ecosystem. In some cases, it has even withdrawn products from the market, as in the case of stock tokens.
It is unclear whether the move to Ireland is a move to continue on this path of compliance or whether it has some other reason. What is certain is that the road to compliance will not be an easy one, but it is clear that Changpeng Zhao’s exchange does not intend to shy away from the challenge.
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