It was reported that a new entity of Binance exchange had been registered in the Republic of Ireland and, it is looking like it is going to be the new home for the crypto exchange.
It was believed that Binance Exchange, Ireland, would be the new mother firm for the company and not just a regional subsidiary or a license holding entity of the firm. This was revealed in an interview with the CEO of the company, Changpeng Zhao, where he said the company is considering another location as its headquarters, and on the list is Ireland alongside France.
Why Did Binance Not Consider Singapore?
While Binance Exchange started its operation in the Asian region, everyone had thought the headquarters of the company would remain in the region. Given the friendly nature of Singapore to the crypto space, many members of the crypto community thought the new headquarters of the company would be Singapore.
Earlier in August, Binance announced the appointment of Richard Teng, an executive of Singapore Exchange, as the CEO of Binance Asia Services, which was registered in 2018 in Singapore.
In an interview with Blockworks, a financial media outlet, Michael Conn, the CEO of Zilliqa Capital, said he perceived Singapore to be the new location for the blue-chip where regulatory and financial security is achievable. He believes that business will be easier for Binance in the country since it is not a tax-sucking country, and it is never known as a haven for shady businesses.
While using setting up its business headquarters in Singapore would have been a viable idea, Binance seems to have poisoned its beautiful relationship with the Monetary Authority of the country after its exchange – another Binance entity outside the registered Binance SG – was alleged of Payment Service Act violation for engaging the residents of Singapore in businesses without acquiring the necessary license.
A Sovereign Wealth Fund After a Headquarters
The vision of Binance CEO includes investment and IPO from the largest institutional investors in the world. Achieving this will require the company to select its headquarters, as admitted by Zhao.
Zhao said in an interview with the Financial Times that talks in ongoing with huge investments funds to consider investing in the exchange. The CEO believes that landing one or two investments from these funds will improve the perception various regulators around the world had about the exchange.
The Binance token, BNB, seems to be unaffected by this news as it is currently up by 0.2% on the daily chart at the time of this writing.
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