Binance CEO Explores Jurisdictions for New Headquarters

Cryptocurrency exchange Binance is in discussions with several jurisdictions to establish a headquarters, though no final decision has been made. This was stated by the company’s CEO, Richard Teng, as reported by The Block.

“The idea of corporate governance is not as simple as saying, ‘Oh, I want to choose this country.’ There are many considerations behind the decision. So, at the moment, we are communicating with several jurisdictions, some are under review,” Teng added during the Paris Blockchain Week conference. 

The head of Binance highlighted the difficulties in selecting a suitable location. According to him, it is necessary to consider the local value of the product, existing local legislation, and tax conditions. 

Teng also emphasized the importance of the exchange’s cooperation with regulatory bodies. He added that the biggest challenge lies in the attitude towards digital assets in various regions. 

In most cases, such an approach leads to “inconsistent and contradictory” rules for the industry. Crypto companies will continue to face difficulties until “harmonization of standards worldwide” is achieved, according to the Binance CEO.

Teng addressed the situation with the detained top manager of the trading platform, Tigran Gambaryan, in Nigeria. He stated that the exchange is actively cooperating with the government and is making efforts to secure the employee’s return, but refrained from providing details.

Back in November 21, 2023, Teng assumed the position of CEO of Binance, replacing the company’s founder, Changpeng Zhao, who stepped down as part of a deal with the US Department of Justice. The platform also agreed to pay a $4.3 billion fine.

The new CEO promised to transform the cryptocurrency exchange and implement a traditional corporate structure. This includes a board of directors, a headquarters, and financial transparency, he clarified.