Binance CEO Richard Teng refuses to reveal location of company HQ

Binance’s newly appointed CEO, Richard Teng, declined to share the location of his company’s global headquarters with the Financial Times on Dec. 5, continuing its tradition of framing itself as a global company.

Teng refused to discuss the firm’s base of operations, stating:

“Why do you feel so entitled to those answers … Is there a need for us to share all of this information publicly? No.”

Teng added that the company’s European headquarters are in France, that its Middle East headquarters are in Dubai, and that the company’s global headquarters will be revealed “as and when it’s appropriate.”

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Teng otherwise said that Binance has submitted to audits in the locations in which it is regulated. However, he did not name specific audit firms.

FT noted that Binance’s former CEO, Changpeng Zhao, typically maintained that Binance has no global headquarters at all. Binance’s website does not list any headquarters and describes a global advisory board with members worldwide. And although Binance has a holdings company in Malta, the country’s regulators have denied authority over the company.

Binance’s true base of operations is a long-standing point of controversy. Sources, including the Financial Times, allege that the company has maintained ties to China even after officially exiting the country years ago.

Teng says scrutiny is attracting users

Teng also discussed agreements with U.S. agencies requiring Binance to work under a compliance monitor for up to five years. The monitor is appointed by the U.S. government, according to past reports.

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Teng told the Financial Times:

“The compliance monitor … is a key positive … That gave a lot of confidence to users including institutional users which are now approaching us in a very aggressive fashion.”

Binance resolved charges from several U.S. agencies, including the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and two U.S. Treasury agencies in November. In addition to agreeing to the above monitorship, the firm will pay billions in fines and increase its compliance efforts.

Binance’s former CEO, Changpeng Zhao, pleaded guilty to related charges on Nov. 21 and will face sentencing in February. He resigned as CEO the same day and was succeeded by Tang.

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Author: Mike Dalton

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