Richard Teng — CEO of the world’s largest crypto exchange — has revealed that the firm is making strategic decisions for citing the headquarters of Binance.

In a recent chat with Bloomberg TV, Teng discussed how Binance is making moves about establishing its global head office. In addition, the CEO talked about collaborating with regulators and key partners in Dubai to promote a dynamic crypto ecosystem in that region.

According to him, the appeal of crypto lies in its round-the-clock trading, where traders take investments, a sharp departure from traditional markets constrained by closing hours.

Establishing Binance’s Headquarters

When asked about picking a location for the exchange’s headquarters, Teng explained that Binance is currently in talks with a number of jurisdictions, including Dubai, as part of its ongoing efforts to strengthen its global presence. India could also be an option, given that the firm recently re-entered the country’s crypto market after paying a regulatory fine.

Nevertheless, Teng maintained that the board will consider all necessary factors before deciding to cite its global headquarters. He added that the company recently overhauled its board structure and is diligently narrowing down potential jurisdictions to align with its strategic goals.

Furthermore, Teng emphasized that jurisdictions with strong regulatory frameworks capable of accommodating Binance’s diverse range of products and services are given top priority. With a global user base approaching 188 million, Teng stressed the importance of considering complex factors, such as double taxation, when deciding on the best jurisdiction for the exchange’s headquarters.

Key Commitments

Teng reiterated several key pledges at the start of his leadership tenure, particularly Binance’s commitment to prioritizing its users’ needs and modifying its token listing process. Accordingly, Teng highlighted the exchange’s remarkable growth trajectory, revealing that 60 million new users were welcomed aboard during the first quarter of 2024 alone, with Binance now managing assets worth $120 billion.

In addition to its user-centric approach, Teng outlined the exchange’s collaborative efforts with regulatory bodies and local partners around the world to strengthen the broader adoption of cryptocurrencies.

While sharing his insights about the recent drop in the price of Bitcoin (BTC) and the upcoming halving event, Teng remained optimistic, citing ongoing geopolitical tensions, interest rate adjustments, and global inflation as factors affecting not only cryptocurrencies but all asset classes.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.