Leading crypto exchange Binance expands its presence in Ireland

Binance, the largest cryptocurrency exchange by trading volume, has registered three more firms in Ireland amid expansion efforts. A report unveiled this news earlier today, noting the Changpeng Zhao-led exchange registered the three new companies over the past 10 days. Reportedly, Binance first set up shop in Ireland in the past year after launching Binance (Ireland) Holdings.

According to the report, the names of the newly-registered companies are Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies. Formally established on September 27, these firms all list Zhao as their director. Allegedly, the executive signed the registration papers on September 10 and 13.

Purportedly, Irish law firm Mason Hayes & Curran established the three new companies on behalf of Binance. The company’s documents claim the three new entities are accountancy offices. They are located above an athletics shop at a small, nondescript building on the Southside of Dublin.

Binance’s expansion in Ireland comes as the country’s crypto economy continues existing in a gray area from a regulatory standpoint. While Ireland has not moved to regulate digital assets, the country’s central bank has a negative outlook on the nascent asset class. The authority has issued several consumer warnings on the risks involved in investing in cryptocurrencies.

Increasing efforts to remain compliant

This news comes as Binance continues terminating services in different jurisdictions. In the past month, the exchange announced that it had stopped offering all products and services in Singapore. Additionally, Binance halted derivatives trading in Australia as part of its mission to remain compliant.

In both instances, the exchange said,

Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.

Two weeks before exiting Singapore, the exchange hired Greg Monahan, the former US Treasury Criminal Investigator, as its new global money laundering reporting officer (GMLRO), replacing Karen Leong, who had held the position since 2018. This appointment sought to help the exchange quash allegations that it has been facilitating money laundering.

Commenting on Monahan joining Binance, Zhao said he would bring a wealth of anti-money laundering (AML) and investigations experience to Binance, seeing as he amassed a lot of experience while working as a US Federal Law Investigator.