Binance Officially Registers 3 New Entities in Ireland

Binance Officially Registers 3 New Entities in Ireland

October 6, 2021

Amid regulatory backlash around the globe, the crypto exchange, Binance has formed and registered three entities in Ireland, completing the process in around 10 days.

According to a report on Wednesday by Irish news outlet Independent, the global giant formally registered Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies in the country on September 27.

The Binance Founder and CEO, Changpeng Zhao, is a director of all the three firms, and he also signed registration documentation on September 10 and September 13.

Like any other company with a global footprint, Binance has established subsidiaries in many countries. It first formed an Irish entity last year with the registration of Binance (Ireland) Holdings.

However, the exchange’s plans with the new Irish entities are not clear.

Moreover, the report detailed that the official documents listed the physical addresses of the new Binance firms as an accountancy office above a small and non-descriptive athletics shop in Dublin.

Regulatory Woes

Binance, which once aimed to offer crypto trading with all local fiats, is shutting services in several jurisdictions following regulatory warnings and enforcement actions against it. It pulled out derivatives offering in multiple European countries and entirely scraped stock token services.

Most recently, Binance.com stopped offering all services to Singapore residents after the Monetary Authority of Singapore (MAS) put the company’s name on an Investor Alert List. But, the exchange is still operating in the city-state with locally registered Binance.sg.

Despite the warnings and service closures, Binance still remains the top crypto exchange when it comes to trading volumes. According to market data compiled by CryptoCompare, Binance’s spot crypto trading volumes accounted for $789 billion in September, which is significantly higher than $454 billion handled in July.

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