By George Ward
Binance, the renowned crypto exchange firm, has set up another crypto unit in Ireland. This new unit raises the company’s subsidiary in Ireland to seven. Meanwhile, the news comes as the crypto firm continues its European expansion spree.
According to The Irish Independent, Binance Global Sourcing established the unit last week. This was after the firm filed a record with the CRO (Companies Registration Office).
Previous records with the CRO revealed that Binance had six offices in Ireland. The CRO is a central repository that stores the public statutory information of Irish firms.
Before now, Binance planned to cite its European headquarters in the country. Then, the exchange changed its mind and chose Paris, France, as its European crypto headquarters without giving any reason.
Meanwhile, Binance obtained a license to operate in France from the country’s regulatory authority. This license allows Binance to offer crypto services to French residents.
Binance has been working to establish several headquarters globally over the past 12 months. It aims to break the exchange’s decentralized structure and secure a good relationship with more regulators.
Ireland was part of this plan. Meanwhile, it is uncertain what significant function Binance’s new entity would play. The exchange has not provided more details about its new subsidiary.
Binance’s Expansion In Europe
Recently, Binance made Karl Long an executive director for its operations in Ireland. Long was formerly an executive at WisdomTree Asset Management. Long is now a principal director at Binance Global Sourcing.
Binance CEO and founder Changpeng Zhao is the director of the company’s six Irish entities. Hence, Zhao, who now resides in Dubai, would likely be the director of the new subsidiary.
According to Zhao, Europe is a good region for the crypto sector. Moreover, the area is currently putting necessary crypto regulations in place. Binance has secured crypto licenses in other European nations, such as Spain and Italy.
Last week, Binance added another crypto license to its list. The exchange received authorization to operate in Cyprus after registering as a Crypto Asset Service Provider.
Meanwhile, Binance has strengthened its corporate ties with Kazakhstan. The exchange is working with the Kazakhstan government to develop a regulatory framework for the crypto industry.
The exchange will also help to enhance the country’s crypto market sector. Binance stands tall as the largest cryptocurrency exchange globally by trading volume.