The touted move comes ahead of plans to establish a number of headquarters throughout the world.
Binance Looks to Pastures New
In September, Binance registered three firms in Ireland according to corporate registry documents.
Regulators in several nations have previously criticized Binance’s practice, and it appears this latest move could be an attempt to improve relations. A regional headquarters would serve to quell the unrest by breaking from the decentralized structure of the organization.
“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world,” Binance CEO Changpeng Zhao explained in an interview with Reuters.
When quizzed on Ireland specifically and whether Binance had plans to set up a headquarters there, CZ was resolute:
“Yes it does.”
The move is likely to take some time but will do much to establish a centralized notion of operating, which regulators will likely favor.
Binance Looking Further Afield
The move may seem to be in opposition to the very nature of Decentralized Finance (DeFi). Still, the team understands the importance of having regulators onside if it is to thrive in the broader market.
CZ continued in his explanation of the necessities inherent in making sure Binance is as accessible as possible to the masses.
“When we first started we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders,” he went on. “It’s very clear now, to run a centralized exchange, you need a centralized, legal entity structure behind it.”
While many may initially be worried at the perceived movement away from decentralized ideals, the ability to draw in millions more will only serve to benefit the entire cryptosphere.
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Source : bsc.news
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