Binance ‘considering setting up Irish headquarters’

Cryptocurrency exchange Binance is considering setting up a headquarters in Ireland, according to sources reported by Reuters.

The firm has set up three separate subsidiaries in Ireland this year according to the Irish Independent: Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies.

Binance, which was founded in China in 2017, has moved headquarters many times as part of attempts to avoid regulatory scrutiny.

The firm – which is still the largest crypto currency exchange by trading volume – has 40 office locations worldwide and is officially registered in the Cayman Islands.

China began cracking down on cryptocurrency later in 2017, which saw the country ban Initial Coin Offerings (ICOs), before implementing an all-encompassing ban last month on digital assets.

In August, The Financial Conduct Authority (FCA) said it is “not capable” of supervising Binance.

The watchdog said that the firm failed to provide adequate information on its business operations, corporate structure, and how retail consumers used its products and that its products posed a “significant risk” to consumers.

The exchange is also facing regulatory scrutiny in the US, Germany, Japan, Italy, and Thailand.

US authorities are investigating Binance for insider trading and market manipulation, according to sources reported by Bloomberg in September.

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