The Binance CEO said the exchange is considering several jurisdictions to choose its headquarters.
Binance CEO Richard Teng said the exchange is in discussions with several jurisdictions regarding the choice of headquarters but has not yet made a decision.
“Thinking about corporate governance is not as easy as saying, ‘Oh, I want to choose this country.’ There are a lot of considerations behind it. So we are currently talking to a few jurisdictions and have a few jurisdictions under consideration.” said Teng during a fireside discussion at Paris Blockchain Week.
“It’s not that easy to choose one because there are so many factors to weigh and evaluate,” he said. “Where is the value placed on our product line? Which jurisdictions have the right regulations for our product line and its intended use?” Teng added that taxation agreement issues also influenced the decision.
This is the long-standing story of the world’s largest cryptocurrency exchange not having its headquarters. For years, former Binance CEO Changpeng Zhao dodged questions or claimed that the exchange did not need a headquarters, but later admitted that the exchange did.
Upon assuming leadership, Teng initially dodged questions, saying there was no need to release the information publicly. However, his latest comments indicate that the exchange is on the verge of positioning. “When we are ready to make an announcement, we will,” he said.
Working closely with regulators
During the fireside, Teng highlighted the exchange’s focus on increasing the level of cooperation with regulators. He said his biggest challenge is how each region treats cryptocurrencies differently, with inconsistent and conflicting rules across the board.
“So this is one of the major challenges that the cryptocurrency industry will continue to face until standards are harmonized globally. And that harmonization will take a long time,” Teng said.
The Binance CEO also addressed the situation involving Tigran Gambaryan, a Binance executive detained in Nigeria. He said the exchange was actively working with the Nigerian government to secure Gambarian’s return, but refrained from commenting on specifics.
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