Binance, the world’s largest cryptocurrency exchange, is yet to finalise the location of its global headquarters, according to CEO Richard Teng.

Despite previous indications that a decision was imminent, Teng acknowledged the complexities involved in selecting a suitable base during an interview with DealStreetAsia at the Abu Dhabi Finance Week conference.

This announcement comes amidst Binance’s efforts to enhance transparency and corporate governance following legal challenges faced by its former CEO, Changpeng Zhao, who recently served jail time after pleading guilty to violating U.S. money laundering laws which resulted in a US$4.3 billion fine.

Teng emphasised that factors like tax regulations and the ability to attract talent will be key in determining the headquarters’ location.

He revealed ongoing discussions with several jurisdictions but refrained from naming any specifically.

Binance has secured 20 licenses and registrations globally, including in Abu Dhabi and Dubai.

In a move towards stronger corporate governance, Binance established a board of directors earlier this year, composed of seven members, including three independent directors.

Teng highlighted this shift from a founder-led structure to a board-led model. He confirmed that former CEO Zhao retains the rights of a shareholder.

His comments come as Bitcoin reached record highs, fueled by expectations of a more lenient regulatory approach to cryptocurrencies under the incoming U.S. administration.

Teng anticipates a global trend towards more favorable cryptocurrency regulations and suggests that if the U.S. establishes a strategic Bitcoin reserve, as indicated by President-elect Trump, other countries may follow suit.

Featured image credit: Edited from Freepik

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