- Binance CEO Richard Teng has disclosed that the exchange is set to make a significant operational shift.
- The disclosure follows mounting regulatory pressure faced by the exchange in recent months.
- Teng discussed Binance’s troubles in Nigeria, outlining the firm’s focus.
Binance‘s modus operandi of operating in the legal gray area and eschewing traditional corporate practices appears to be ending.
On April 1, it was reported that the exchange had named its first board of directors. Now, Binance CEO Richard Teng has suggested that the firm is closing in on deciding on a global headquarters.
Binance Turning a New Leaf?
The mystery surrounding Binance’s base of operations has long been a persistent point of contention as the exchange’s leaders have previously expressed abhorrence to committing to or disclosing a home base. This tactic, regulators believe, has allowed it to skirt regulations.
In a statement signaling that Binance’s days of playing it fast and loose with regulations are behind it, however, Teng has disclosed that the exchange is actively seeking a place to call home. Speaking on stage at Paris Blockchain Week on Tuesday, April 9, he noted that the exchange’s checklist was down to “a few jurisdictions.”
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"The thinking behind corporate governance is not as easy as just naming 'oh, I want to pick this country'. There's a lot of considerations behind it. So we are speaking to a few jurisdictions as of now; a few jurisdictions are under consideration."
Considerations highlighted by Teng included how regulations would impact Binance’s products and services, as well as taxation.
The Binance CEO’s statements come as the exchange finds itself in regulators’ cross-hairs worldwide, from the U.S. to the Philippines and, most recently, Nigeria. During the Tuesday interview, Teng offered comments on the latter.
Binance Focused on Bringing Gambaryan Home
Over the past two months, tensions between the Nigerian government and Binance have quickly escalated. Following claims that the exchange facilitated the manipulation of the naira through its p2p platform, it has also been slapped with lawsuits bordering on tax evasion and money laundering.
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Amid this back and forth, authorities have also detained two of the exchange’s executives, Nadeem Anjarwalla and Tigran Gambaryan, who were named co-defendants in the lawsuits against Binance.
While Anjarwalla managed to escape detention on March 22, Gambaryan remains in Nigerian detention and has recently been transferred to an infamous federal prison pending his trial. Speaking on the matter, Binance’s Richard Teng outlined that the exchange focused on negotiating the release of the financial crime compliance expert.
"Our utmost priority is to do what we can to bring him home as soon as possible," he noted.
Teng, however, refused to go into detail, asserting that Binance was working closely with authorities to resolve the issue.
On the Flipside
- The Binance CEO did not offer a timeline for the exchange to decide on a global headquarters.
Why This Matters
Binance, the world’s largest crypto exchange, has built a reputation of hopping jurisdictions and playing fast and loose with regulations. The firm’s recent plans to choose a global headquarters signal a significant shift in its operations towards greater transparency and accountability.
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