Binance nonetheless to decide on location for international headquarters, CEO Teng says

By Federico Maccioni

ABU DHABI (Reuters) – Cryptocurrency trade Binance has but to resolve the place to base its international headquarters, its CEO advised Reuters on Monday, years after it flagged a choice was imminent, however the government pointed to strikes it has made to enhance company governance.

“We’re nonetheless working very onerous on this (the HQ). It is a very difficult challenge with many various complexities,” CEO Richard Teng stated in an interview on the sidelines of the Abu Dhabi Finance Week annual convention.

Binance, the world largest cryptocurrency trade, has lengthy stated a choice on a world HQ would come quickly. Revealing the placement of a head workplace is seen as a part of its push to enhance transparency within the wake of legal fees in opposition to its former CEO Changpeng Zhao.

Zhao, often called “CZ”, pleaded responsible to violating U.S. legal guidelines in opposition to cash laundering at Binance, and spent months in jail earlier this yr.

Teng stated tax legal guidelines and the power to lure workers would drive the choice on the HQ location.

Binance is “nonetheless in deep dialog” with a number of jurisdictions he stated, with out offering particular names.

The corporate has been granted 20 licenses and registrations internationally to date, in response to its web site, together with in Abu Dhabi and earlier this yr by Dubai’s digital belongings regulator VARA.

Binance launched a board of administrators earlier this yr for the primary time. It contains seven members, together with three unbiased administrators. “Binance has gone from a founder, CEO-led firm to a board-led firm,” Teng advised Reuters, including he speaks to Zhao often and that the previous CEO “has all of the rights related to any shareholder of any firm.”

The world largest cryptocurrency, bitcoin, hit a document excessive above $100,000 final week amid expectations U.S. President-elect Donald Trump’s administration will usher in a lighter-touch regulatory setting for cryptocurrencies.

Teng was attending the yearly gathering of worldwide and regional financiers, whereas on the opposite facet of city, Binance is among the sponsors of a bitcoin convention that may function Eric Trump, the U.S. president-elect’s son, as a speaker.

“Globally, you are going to see far more enlightened rules being adopted,” Teng stated, requested in regards to the influence of the incoming U.S. administration on the red-hot sector.

Ought to the U.S. undertake a strategic bitcoin reserve, as signalled by Trump, Teng foresees “many different international locations leaping on the bandwagon”.