Amidst a worldwide regulatory backlash, cryptocurrency exchange Binance created and registered three entities in Ireland, completing the process in about 10 days.
According to a report published by the Irish News Agency on Wednesday independent, the global giant Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies officially registered in the country on September 27.
Binance founder and CEO, Changpeng Zhao, is the director of all three companies, who also signed the registration documents 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, plans to exchange with the new Irish entities are not clear.
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Moreover, the report detailed that official documents listed the physical addresses of the new Binance companies as an accounting office above a small, nondescript sports store in Dublin.
Binance, which previously aimed to offer cryptocurrency trading with all local fiat currencies, is shutting down services in several jurisdictions following regulatory warnings and enforcement actions against it. It has withdrawn derivatives offerings in many European countries and has eliminated stock symbol services entirely.
Recently, Binance.com stopped providing all services to Singapore residents after the Monetary Authority of Singapore (MAS) put the company’s name on its investor alert list. But, the exchange is still operating in the city-state with locally registered Binance.sg.
Despite the warnings and shutdowns of services, Binance is still the best cryptocurrency exchange when it comes to trading volumes. According to market data compiled by CryptoCompare, the volume of spot cryptocurrency trading on Binance reached $789 billion in September, well above the $454 billion that was transacted in July.