Binance sets up seventh unit in Ireland

Quick Take

  • Binance has established a seventh company in Ireland.
  • The expansion comes as Binance continues its push in Europe.

Crypto exchange operator Binance set up a seventh unit in Ireland as it continues to expand its roots in Europe. Binance Global Sourcing was established last week, according to records from the Companies Registration Office (CRO), the central repository of public statutory information on Irish companies. The Irish Independent first reported the news.

Binance previously set up six units in Ireland, per the CRO records.

The news comes after Binance picked Paris as its European hub after France's financial regulator granted Binance a license to offer and market its services to local customers in May.

Last year, Binance considered Ireland as part of its plans to establish a number of headquarters worldwide to break with its "decentralized" structure and improve relations with regulators. It is unclear what is the primary purpose of Binance's new Irish entity. Binance declined to comment.

Last month, Binance rival Gemini expanded to Ireland after obtaining a license in the country. The U.S.-based exchange operator, at the time, said it was the first crypto company to receive registration in Ireland.

Binance recently appointed Karl Long, a former WisdomTree Asset Management and State Street executive, as executive director for its Ireland operations. Long is now listed as the sole director of Binance Global Sourcing, with law firm Mason, Hayes & Curran acting as corporate secretary, according to the Irish Independent report.

Binance founder and CEO Changpeng Zhao remains a director for the company's previous six Irish entities, per the report, with his residential address having been updated to reflect his new home in Dubai. Binance's head of custody, He Jinkai, is also reportedly a director of one of the Irish companies.

Binance continues to see Europe as the global hub for the crypto industry, with a recent regulatory framework in place. The company has also recently secured several licenses in Europe, including in Cyprus, Italy and Spain.

Binance remains the largest crypto exchange in the world in terms of trading volumes, according to data compiled by The Block Research.

Update: Noted that Binance later declined to comment, after originally publishing that The Block had reached out for comment.

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