Binance CEO CZ Nonetheless Says His Firm Has No Headquarters

In short

  • Binance CEO Changpeng Zhao reiterated that Binance has no headquarters throughout this yr’s Ethereal Summit.
  • The crypto alternate has had a rocky relationship with regulators up to now.

Changpeng “CZ” Zhao, CEO of gargantuan cryptocurrency alternate Binance, nonetheless insists that his firm has no headquarters. His clarification got here throughout an interview with Decrypt editor in chief Daniel Roberts throughout this yr’s Ethereal Digital Summit. 

“All people’s definition of a headquarters of an organization is barely totally different,” CZ stated. “If you ask the way you outline a headquarters—is that an workplace the place folks sit? I labored from dwelling for the final three and a half years. Our management crew aren’t sitting in a single workplace, we do not have a transparent place the place we are able to go, by most individuals’s regular definitions of a headquarters that we are able to name a headquarters. So when folks ask me, I do not wish to give them a flawed reply simply to fulfill their definition.”

After all, there isn’t a controversy concerning the definition of an organization’s headquarters. An organization’s headquarters are its primary enterprise workplaces, usually legally registered because the handle from which the enterprise is run. 

CZ added that when folks take into consideration their conventional concept of an organization, “They consider a headquarters, an workplace, a checking account, a registration, et cetera. However at this time you may run organizations with in all probability none of these.” 

Crypto and non-crypto people alike have lengthy been curious to know the place Binance’s headquarters are, as a result of it might present a window into the crypto alternate’s regulatory standing—a topic that, to this point, stays murky. 

Binance’s regulatory historical past

The crypto alternate has had a difficult relationship with regulators in its historical past. 

In 2017, Binance left China, establishing store in Japan and Taiwan, earlier than heading to Malta—a jurisdiction well-known for its lax crypto laws. 

However final yr, Malta clarified that Binance shouldn’t be licensed to function in Malta. 5 months after that, the Malaysia Securities Fee alleged that Binance was working illegally within the nation. On the time, Binance assist employees advised Decrypt that Binance operations had been working simply positive in Malaysia. 

In 2017, the identical yr Binance left China, the crypto alternate registered Binance Holdings Restricted in Georgetown, Cayman Islands. A company linkage doc beforehand seen by Decrypt reveals the Cayman Islands as Binance’s headquarters. What’s extra, Binance has previously used this handle to register a number of logos of the Binance title and brand.

In 2019, Binance additionally registered the Binance Investments Firm within the Seychelles. 

All of it quantities to a lingering query: The place is that this big crypto firm based mostly?

Right this moment, Binance US—the crypto alternate’s market registered in a number of American states—is within the midst of a confrontation with the US Commodity Buying and selling Futures Fee (CTFC). The CTFC launched an investigation into Binance for allegedly permitting American merchants to position trades that violate current US laws. When Decrypt requested CZ to touch upon this investigation final month, he declined.

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