In The Midst Of Strict Scrutiny, Binance Registers 3 Firms In Ireland

2021-10-06 17:15:12
Binance Continues To Expand

Amidst the ongoing scrutiny by several European financial regulators, Binance registers 3 of its firms in Ireland. According to this news by Independent, Binance registered the following three firms: Binance Technologies, Binance Holdings and Binance (Services) Holdings.

What makes this case interesting, is the fact that Binance registered the three firms on 27 September, despite the ongoing scrutiny by the UK, their new neighbor.

Moreover, the three firms were established by local law firm Mason Hayes & Curren, on the behalf of Binance. The company documents by Binance reveal that these firms will be based in southside Dublin. In addition, they will operate as an office for accounting, located right above an old sports shop.

This shop is located in a rather ordinary building, hinting that Binance might be trying to blend in and not attract too much attention.

Binance founder and CEO, Chanpeng Zhao, established Binance Ireland Holdings just last year. For that purpose, he registered the firm under his Maltese residential address.

However, The Malta Financial Services Authority (MFSA), did not approve this firm. Furthermore stating that Binance Ireland does not fall under their jurisdiction. And that is despite Zhao registering the company in Malta, in 2018.

Everyone Against Binance

It is safe to say that the massive Chinese crackdown on crypto plays a big part in every decision that crypto exchanges are making. Especially Binance, who is currently investigated in several continents.

Hence, it is no wonder the ease with which the exchange decided to comply with Singapore’s latest crypto regulations. Some of the changes include restricting crypto spot trading and making fiat deposits.

Consequently, the reason why Binance registers its 3 firms in Ireland is definitely a consequence of the legal scrutiny against this exchange. While it is safe to assume that Binance still has the same high-end reputation, the pressure is mounting by the day.

And with the frequent crypto regulations lately, this will certainly impose a challenge for this leading crypto exchange.

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