Binance is reportedly looking for a location to set up an official headquarters in order to address global regulatory concerns.
The popular cryptocurrency trading platform is under scrutiny for potentially operating unlicensed services and engaging in regulated activities without formal approval.
CEO Changpeng Zhao says Binance is shifting away from its decentralized structure with no physical headquarters in hopes of winning licensing approvals amid crackdowns in several jurisdictions, including the United States, Hong Kong, Japan, and Singapore.
In an interview with the South China Morning Post, Zhao says,
“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.
We need to have clear records of stakeholders’ ownership, transparency, and risk controls.
As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”
According to the tech news website The Information, Binance’s US arm is planning to hold an initial public offering (IPO) sometime in the next three years.
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