During a discussion at the Paris Blockchain Week event, Richard Teng said that a decision on choosing one jurisdiction has not yet been made. According to Teng, there are many factors to evaluate, such as which jurisdictions have regulations that may apply to Binance products. The issue of taxation of cryptocurrencies will also affect the choice of exchange management.
Note that for years, former Binance CEO Changpeng Zhao argued that the exchange does not need a headquarters because Binance is a global company and its employees work all over the world.
“The idea of corporate governance is not so simple. You can't say: Oh, I want to choose this country. There are many other considerations behind this. We are now looking at several countries to set up a headquarters,” Teng said.
He promised that the exchange will continue to cooperate with regulators. The main problem is that each region treats cryptocurrencies differently, and the rules that are followed in one country may conflict with the laws of another. The crypto industry will continue to experience difficulties until a single global standard is created to regulate crypto companies. Unfortunately, this process will take a long time, Teng laments.
Teng also commented on the situation with Binance top manager Tigran Gambaryan, who was detained in Nigeria. This week the court sent Gambaryan to prison. The management of the exchange is actively interacting with the local government on this issue and is making every effort to return Gambaryan, Teng noted.
Source: Bits
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