Binance CEO Richard Teng: Diligently Engaging with Nigerian Authorities in Headquarters Location Selection
Newly-appointed CEO of Binance, Richard Teng, revealed during a meeting at the Paris Blockchain Week that Binance is considering several jurisdictions to serve as its headquarters. The focus will be on product portfolio, regulatory oversight, and taxation, and negotiations with various countries are underway.
Richard Teng stated during the Paris Blockchain Week Summit from April 9th to 11th that discussions are ongoing with several jurisdictions regarding the choice of headquarters, but no decision has been made yet. He emphasized that this is not simply about choosing a country, but involves many considerations. Binance is currently in dialogue with multiple jurisdictions, and several of them are being considered.
Furthermore, he added, “The consideration of corporate governance involves multiple factors, including where Binance’s products have greater value, which jurisdiction’s legal framework best aligns with our services and applications, and taxation agreements that involve operational costs.”
Binance has long faced scrutiny from law enforcement agencies in various countries due to its lack of a headquarters. Former CEO, Changpeng Zhao (CZ), often avoided discussing the headquarters issue until 2022 when he publicly compromised. To provide a complete structure for regulation, Binance will establish physical offices and obtain licenses in different locations, while many engineers and customer service representatives will continue to work remotely to meet both the decentralized concept and regulatory requirements.
However, Richard Teng previously avoided the headquarters issue and refused to disclose the company’s location and related information during an interview with the Financial Times.
He emphasized the importance of cooperation between exchanges and regulatory institutions, pointing out that regulations on cryptocurrencies vary greatly among countries and even conflict with each other. He stated that this is one of the main challenges the crypto industry will continue to face, and it will take a long time to see global unification of standards.
Regarding the case of Tigran Gambaryan, a senior executive at Binance who was detained in Nigeria on charges of tax evasion, Richard Teng expressed seriousness and stated that Binance is actively cooperating and negotiating with the Nigerian government to ensure his safe return to Binance. According to local media reports, Gambaryan pleaded not guilty to the four money laundering charges against him during the court hearing yesterday, claiming that he is not responsible for Binance’s activities in Nigeria and does not have decision-making power over the company’s operations. However, this argument was rejected by Judge Emeka Nwite, who stated that Gambaryan had conducted business activities on behalf of Binance in Nigeria, thereby allowing legal proceedings to take place. The bail hearing for the case has been postponed to April 18th.
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