Binance CEO Richard Teng: Headquarters location carefully selected, fully communicating with Nigerian authorities

The newly appointed CEO of Binance, Richard Teng, revealed during a discussion at the Paris Blockchain Week that Binance is considering several jurisdictions to serve as its headquarters; and will focus on negotiations with various countries on aspects such as product portfolio, regulatory compliance, and taxation. Source

Richard Teng: Considering Establishing Binance Headquarters

Richard Teng stated during the Paris Blockchain Week Summit from April 9th to 11th that discussions are ongoing with several jurisdictions regarding the choice of headquarters, but no decision has been made yet:

It's not as simple as just picking a country; there are many considerations involved. We are currently in talks with multiple jurisdictions, and there are several jurisdictions under consideration.

He added, "The thought behind corporate governance also needs to consider multiple factors, including where Binance's products hold the most value geographically, which legal framework of jurisdictions best fits our services and applications, and tax agreements involving operational costs."

For a long time, Binance has faced scrutiny from law enforcement agencies around the world due to the lack of a headquarters. Former CEO Changpeng Zhao, CZ, often avoided discussing the headquarters issue until a compromise was publicly announced in 2022:

To provide regulators with a complete structure, Binance will establish physical offices worldwide and obtain licenses, while many engineers and customer service representatives can still work remotely to meet both the decentralized concept and regulatory requirements.

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Richard Teng Previously Stated: No Need to Disclose Headquarters Information

However, Richard Teng previously avoided the headquarters issue during an interview with the Financial Times, refusing to disclose the company's location and related information:

Is it necessary for us to share this information? Why do you think you are entitled to these answers?

Binance CEO Richard Teng Refuses to Disclose Global Headquarters Location

Regulatory Consistency Still a Long Way to Go

Furthermore, Richard Teng emphasized the importance of exchanges collaborating with regulatory bodies, pointing out that regulatory frameworks for cryptocurrencies vary greatly worldwide, leading to conflicting situations:

This is one of the main challenges the crypto industry will continue to face, and it will take a long time before we see global unity on standards.

Update on Nigeria: Actively Engaging in Communication

Regarding the detention of Binance executive Tigran Gambaryan in Nigeria on suspicion of tax evasion, Richard Teng expressed seriousness:

Binance is actively negotiating with the Nigerian government to ensure his safe return to Binance.

Nigeria Accuses Binance of Tax Evasion, Detention of Executive Extended to Mid-April

According to reports from local media, Gambaryan pleaded not guilty to all four money laundering charges during his court appearance yesterday, claiming he was not responsible for Binance's activities in Nigeria and had no decision-making authority over the company's operations, a point rejected by Judge Emeka Nwite:

Gambaryan had conducted business activities in Nigeria on behalf of Binance, thus legally subject to the judicial process.

It is reported that the bail hearing for the case has been postponed to April 18th.