Binance CEO says exchange is weighing up a few jurisdictions for selecting its headquarters

Binance CEO Richard Teng said the exchange is speaking to a few jurisdictions regarding the selection of a headquarters but has not yet made a decision.

"The thinking behind corporate governance is not as easy as just naming 'oh, I want to pick this country'. There's a lot of considerations behind it. So we are speaking to a few jurisdictions as of now; a few jurisdictions are under consideration," said Teng in a fireside discussion at Paris Blockchain Week.

"It's not so easy to pick one because of the multitude of factors that you have to weigh and assess," he said. "Where is the value given our suite of products? What is the jurisdictions that has regulations that can cater to our suite of products, our suite of uses?" Teng added that the question of taxation agreements also had an impact on the decision.

This is the long-running saga of the lack of headquarters for the biggest crypto exchange in the world. For years, former Binance CEO Changpeng Zhao either avoided the question or argued that the exchange didn't need a headquarters — although he later acknowledged that the exchange did need one.

Upon assuming leadership, Teng initially sidestepped the question, stating there was no need to disclose the information publicly. However, his latest statements indicate that the exchange is on the verge of choosing a location. "As and when we are ready to announce, we will do so," he said.

Working closely with regulators

During the fireside, Teng focused heavily on the exchange's focus on increasing its levels of collaboration with regulators. He said its biggest challenge was how each region treats crypto differently, with inconsistent and conflicting rules across the board.

"So that is one of the key challenges that the crypto industry will continue to face until we see harmonization of standards globally. And that harmonization is going to take a long time," Teng said.

The Binance CEO also addressed the situation concerning Binance executive Tigran Gambaryan, who has been detained in Nigeria. He said that the exchange is actively cooperating with the Nigerian government and making efforts to secure Gambaryan’s return, though he refrained from talking about specifics.