Some senators want, like, 'Let's protect the U.S. And even in the Senate, you can see that some senators are very pro-innovation. has so many different political parties, so many different agencies. Different countries are a little bit different. is more strict on yield-generating products, interest-generating products, futures, et cetera. has any stricter crypto regulations than anyone else-even as other industry leaders rail about the cold shoulder from SEC Chair Gary Gensler. (New York, Vermont, Texas, and Hawaii are the holdouts as of July 10.)Īlong with his effort to play nice with regulators, CZ is sounding more like a politician-perhaps taking a page from his rival Sam Bankman-Fried, the FTX founder who has made so many trips to Washington (even after moving his company to The Bahamas) to lobby on behalf of the industry.ĬZ is hesitant to say the U.S. He also boasts that Binance US, the company's separate entity in the States launched three years ago, has obtained money transmitter licenses in 46 states-a thorny process since every state makes different demands. That may sound like just more deflecting, but for CZ it represents real progress. So now people can go to their nearest office, and if they have an issue, they can find us, they can talk to us." "If we're talking about the Middle East, it's Bahrain and Dubai and Abu Dhabi. What does CZ say when a regulator asks him where the company is based? "Well, if we're in France, we say 'Look, right here in Paris,'" he said. Lots of large companies have offices all over the world they still also keep one single address. Of course, that's still not an answer to the headquarters question. So we set up local offices, local entities, hired local compliance, legal, this whole structure."ĭuring the pandemic, Binance has opened up offices in cities like Abu Dhabi, Bahrain, Dubai, and Paris, a list CZ rattles off with pride. as a centralized business, as a centralized exchange? The best way is to give them that structure. Now, as the industry has matured, regulators aren't saying "you're off." Now, their first question is: Where's your headquarters? "And we said, look, if we want this, what's the best way forward. they told us, 'We don't regulate this industry, you're off, we're not involved.' So back in those days, we were embracing the decentralized philosophy, and it worked really well for us." And in fact, most of the regulators we spoke to. "When we started five years ago, there was very little regulatory framework. Now CZ has shifted his approach, which he acknowledges wasn't working with regulators. Malaysia followed suit, saying Binance was operating illegally in the country. But by 2020, authorities began calling attention to the company's lack of licenses: Malta issued a statement saying Binance is not licensed to operate there. In 2019, it also registered in the Seychelles. In 2017, it registered in the Cayman Islands. In its first few years, the company was at different times reportedly based in China, Japan, Taiwan, and Malta. Binance is five years old, and spent much of its short history clashing with regulators all over the world even as it grew enormous. So, where is it? "We haven't announced it yet," he said with a laugh. "We have a global holding company, a global holding entity for the centralized exchange," he said on the latest episode of Decrypt's gm podcast.
He still can't say where Binance is headquartered, but he says the answer is coming soon. Our leadership team are not sitting in one office, we don't have a clear place where we can go by most people's normal definitions of a headquarters that we can call a headquarters."Ī little over one year later, CZ's answer to the question has changed. He also challenged the definition of a headquarters: "Is that an office where people sit? I worked from home for the last three and a half years.
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