Binance establishes three entities in Ireland to undo regulatory red flags

abdelaziz Fathi

Binance, the world’s largest cryptocurrency exchange platform, is trying to upgrade its regulatory profile in Europe, having registered three more firms in Ireland within the past 10 days.

binance

A report by Ireland’s Independent news outlet identified the newly-registered entities as Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies.

The publication confirms that Binance’s new offshoots were all established on September 27. They list CEO Changpeng Zhao as the sole director who signed registration documents on September 10 and September 13.

“The company documents list the place of business for the Binance firms as an accountancy office above an athletics shop at a small, nondescript building on Dublin’s southside,” the Independent said.

The major exchange has already registered a subsidiary in Ireland last year under the brand name Binance (Ireland) Holdings. Interestingly, it lists CZ’s residential address as being in Malta and confirms that he is a Canadian citizen.

In 2020, the financial markets watchdog in Malta refuted media reports and other rumors going around that Binance is located in the country. The regulator further stated that Binance, originally founded in China, has never been granted any authorization to offer financial services in or from Malta and is therefore not supervised by the MFSA.

At the time, Changpeng Zhao came out to assure its users that all claims about being based in Malta or opening offices there were completely untrue, which implicitly means that MFSA’s warning makes no sense.

The fresh developments seemingly come as Binance seeks more licenses to undo regulatory red flags. The exchange also said it’s looking into establishing multiple headquarters and new offices in response to a slew of warnings issued in several jurisdictions this year.

CZ even raised the prospect of stepping down and confirmed that Binance was on the lookout for global executives with a strong regulatory background to help them pivot towards becoming a regulated financial institution.

The cryptocurrency exchange has recently shut down its business across Europe, as well as Hong Kong, Singapore and Australia, as a “proactive” measure, according to Binance CEO.

Elsewhere, Binance’s Singapore entity has already submitted a license application to the country’s regulator. As such, Binance.sg is currently exempt from holding a license until the review of its license application is completed.

Additionally, the American outpost of the world’s biggest crypto exchange is eyeing a potential IPO route to go public within three years. Although the company generated $800 million–$1 billion in profit last year, Binance.US is looking at a proper way to get VC money. Namely, CZ expects the US affiliate to close a large private funding round within the next two months in a bid to reduce its dependence on the global parent entity.

 

Read this next

Industry News

Roman Banoczay pays a CFTC penalty to settle market-manipulation case

The Commodity Futures Trading Commission (CFTC) today settled spoofing charges against a Slovakian trader and his company.

Digital Assets

Huobi sets exact dates to terminate all activities in Mainland China

Huobi, the world’s sixth-largest crypto exchange by trading volume, said it will terminate all its services for mainland investors by the end of the year.

Retail FX

Axi’s UK business double revenue to £10.8 million

Axi’s FCA-regulated entity reported has reported its financials for the fiscal year ending June 30, 2021. The report showed impressive metrics after seeing revenues and customer activity double even as the pandemic trading boom fizzled out.

Retail FX

Capital.com taps KRM22 for market surveillance

“As a fast-growing investment and trading platform, ensuring the integrity of our business and the security of our clients are of utmost importance”.

Digital Assets

Binance acquires stake in HGX as it seeks to clear regulatory hurdles

Binance, the embattled crypto exchange which continues to do good business around the world, has announced that it has acquired 18% in the Singapore-based private securities exchange, Hg Exchange (HGX).

Digital Assets

Ripple inspires Australia’s upcoming crypto regulation

The final report was submitted to legislators on October 20 and highlighted Ripple’s proposals, from a principles-based regulation and a digital asset taxonomy consistent with the best practices found in the UK and Singapore.

Digital Assets

CoinDesk Indices hires new Head of Index Research and Head of Marketing

CoinDesk Indices, a part of CoinDesk that is involved in the pricing of bitcoin, ether, and other cryptos and which has established a standard in pricing, has named Kelly Ye as the Head of Index Research and Kim Greenberg as the Head of Marketing.

Institutional FX

Marex obtains ASIC license for OTC derivatives products in Australia

Marex Australia will then expand its product set to include futures execution, clearing services and broader OTC offerings.

Digital Assets

Visa launches Crypto Advisory Practice as awareness goes universal

The payments firm states that a crypto offering can help financial institutions eager to attract or retain customers and its global network of consultants and product experts have deep expertise to help them move forward.

<