Written by Federico Maccioni
ABU DHABI (Reuters) – Cryptocurrency alternate Binance has not but determined the place to find its world headquarters, the corporate’s chief government mentioned on Monday, years after warning {that a} resolution was imminent. , advised Reuters that it pointed to strikes the corporate is making to enhance company governance.
“We’re nonetheless working exhausting on this (headquarters), which has many complexities,” CEO Richard Teng mentioned in an interview on the sidelines of the Abu Dhabi Finance Week annual convention. It's a really advanced situation.”
Binance, the world's largest cryptocurrency alternate, has lengthy mentioned {that a} resolution on its world headquarters can be made quickly. The choice to disclose the placement of the corporate's headquarters is seen as a part of an effort to extend transparency within the wake of felony fees in opposition to former CEO Zhao Changpeng.
Zhao, referred to as “CZ,” spent a number of months in jail earlier this 12 months after pleading responsible to violating U.S. legal guidelines in opposition to cash laundering on Binance.
Teng mentioned tax legal guidelines and the corporate's skill to draw workers will drive the choice on its headquarters location.
He mentioned Binance was “nonetheless in detailed discussions” with a number of jurisdictions, however didn’t title specifics.
In accordance with its web site, the corporate has to date obtained 20 licenses and registrations around the globe, together with Abu Dhabi and Dubai's digital asset regulator VARA earlier this 12 months.
Binance first launched a board of administrators earlier this 12 months. The Board of Administrators consists of seven members, together with three unbiased administrators. “Binance has gone from being a founder and CEO-led firm to a board-driven firm,” Teng advised Reuters, including that he sometimes speaks with Zhao and that the previous CEO “ “They’ve all of the rights to be a shareholder of an organization,” he added.
Bitcoin, the world's largest cryptocurrency, hit an all-time excessive of greater than $100,000 final week amid hopes that the administration of President-elect Donald Trump will introduce a extra lenient regulatory atmosphere for cryptocurrencies. .
Teng was attending the annual gathering of worldwide and regional financiers, whereas on the opposite aspect of city, Binance is sponsoring a Bitcoin convention that can characteristic the US president-elect's son Eric Trump as a speaker. There is just one firm.
Requested in regards to the influence the subsequent U.S. administration may have on rising business sectors, Teng mentioned, “Globally, we’ll see extra smart rules being adopted.”
If the USA adopts a strategic Bitcoin reserve, as President Trump has steered, Teng expects “many different international locations will soar on the bandwagon.”
