It’s Become “Very Clear” That You Need A Centralised, Legal Entity to Run A Centralised Exchange

Leading cryptocurrency exchange Binance is looking at Ireland as part of its plan to establish a number of headquarters across the world, the chief executive officer Changpeng Zhao “CZ” told Reuters.

In recent months, as we saw, regulators have increased their scrutiny of the cryptocurrency exchange, which has led Binance to stop offering its certain services to many parts of the world. Ever since then, the exchange has been working on improving its relations with regulators.

One of the steps towards this is to break its “decentralized” structure and establish regional headquarters.

“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,” Changpeng Zhao said in an interview.

Last month, Binance registered three firms in Ireland, and in response to if they are planning to establish a headquarters in Ireland, Zaho replied with a “Yes” but didn’t provide further details of the plans.

“When we first started we wanted to embrace the decentralised principles, no headquarters, work all around the world, no borders.”

“It’s very clear now to run a centralised exchange, you need a centralised, legal entity structure behind it.”