Wherever I need somebody, is going to be the Binance office.” “Wherever I sit, is going to be the Binance office. He compared the exchange to the difference between a horse and a car, despite both being means of transportation, and summarized, He referred to the company as a new type of organization, without the need for a registered bank or postal address. Zhao continued, saying that Binance has many offices with staff located in 50 countries. Well, I think what this is is the beauty of the blockchain, right, so you don’t have to … like where’s the Bitcoin office, because Bitcoin doesn’t have an office. At ConsenSys’ Ethereal Summit in May 2020, Changpeng Zhao was asked by Laura Shin where his company’s headquarters are located.Īccording to a report by CoinDesk, Zhao reddened at the question, before stammering, The murkiness surrounding Binance’s official headquarters gained even more attention just months later. The regulatory body announced in February 2020 that Binance was “not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.” Where is the exchange located? The goal of the move was to expand Binance’s European influence and offer crypto-fiat trading pairs, including the Euro and British Pound.ĭespite signing a MoU with Malta, the country’s Financial Services Authority (MFSA) balked at media reports referring to Binance as a “Malta-based” company. The company also signed a Memorandum of Understanding with the Government of Bermuda for the operation of a crypto exchange.Īround the same time, Binance announced the creation of Binance Jersey, a European-based company that would be an entirely independent entity from the parent company. The move came in response to steeper crypto regulations by both Japan and China. In March 2018, as the crypto markets entered a precipitous decline, Binance announced an intention to open an office in Malta and signed a Memorandum of Understanding (MoU) with the Malta Stock Exchange to develop a platform for trading security tokens. Despite stiff competition from other exchanges, including the U.S.-based Coinbase, Binance has managed to hang onto its top spot for more than four years. Zhao was able to move all of Binance’s servers out of China, in addition to the company’s core team. In January 2018, just months after the ban, Binance was named the world’s largest cryptoasset exchange with a market capitalization of $1.3 billion. The move came just a week before China announced a ban on crypto trading. Zhao’s company, which was not tied to any country due to its lack of reliance on banks, was able to uproot from Shanghai and move to Japan. However, Binance’s launch was in part marred by the looming crackdown on crypto by the Chinese government. In addition to the soaring price of BTC, Zhao used the funds to promote the exchange. Leveraging the ICO boom in 2017, Zhao was able to raise $15 million via Binance’s 200 million token sale. Zhao’s initial intention was to create a “purely digital asset exchange that would not touch fiat currencies.” He desired to break ties with existing financial institutions as a way to circumnavigate the risks and regulatory complications that had plagued other exchanges. Zhao also became involved with the crypto exchange OKCoin, serving as the company’s chief technology officer for less than a year.Ī 2018 profile by Fortune claims that Zhao went “all in” on Bitcoin in 2014, selling his house in Shanghai in order to pursue the development of his own crypto company. His work in finance and interest in the nascent field of crypto led him to join – now – in 2013. Zhao had originally founded Fusion Systems in Shanghai in 2005, a company that built high-frequency trading systems for stockbrokers. While Binance, in its current iteration, was founded in 2017, the history of the exchange’s founder and CEO Changpeng Zhao’s involvement in crypto dates further. The exchange has evolved from the simple trading of cryptoassets into employing its own research team, launching a network in the form of Binance Chain (previously Binance Smart Chain), and pushing a number of innovations in the field of crypto. The exchange, which has been valued at more than $4.5 billion in a recent estimate, first started its operation in Shanghai. Binance, one of the world’s leading cryptoasset exchanges, has made a number of moves over the years to the point many wonder where Binance is located.
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