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Binance's New HQ a Well-Kept Secret, Regulators Are Concerned

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By Abi Gibson - - 5 Mins Read
Binance logo displayed outside office complex
Featured | Shutterstock

Binance's new headquarters may be lodged anywhere, but Binance has refused to respond so far on its exact location.

 

Binance logo displayed outside office complex
Featured | Shutterstock

 

 

During a recent interview with the Financial Times, Richard Teng, who has recently taken over as the CEO of Binance, chose not to disclose the location of the company's headquarters.

 

Binance, which identifies itself as a decentralized and globally dispersed entity, has been a subject of controversy for its corporate structure.

 

Teng's refusal to answer questions about the company's base has further fueled the controversy surrounding the company.

 

What do we know about Binance's Corporate Structure?

According to Bloomberg, Binance's revenue as of 2021 was estimated to be around $20 billion. To put that into comparison, some of the world's largest companies made similar or even more significant amounts in 2021, including Netflix ($29.7 billion), Adobe ($15.8 billion), Twitter ($5 billion), and McDonald's ($23.2 billion).

 

The size of Binance's revenue demonstrates the scale of its operations and impact on the global economy.

 

Richard Teng, the new CEO, had a chance to clear up the confusion when he was asked about Binance company headquarters.

 

Binance CEO Richard Teng in an interview
Richard Teng, new Binance CEO | Finextra/YT

 

However, he ultimately refused to answer the question, following a similar path to the past responses. The irritation at the line of questioning suggests the company's approach to transparency has not changed even with the recent position appointing a CEO. 

 

What was the CEO’s response to this?

 

Richard Teng took over the CEO role on November 21st. In a recent interview, he turned the questions around on his interviewer when asked: "Why do you feel so entitled to those answers?”.

 

This threw not only the interviewers but also the public out of balance.

 

Teng refused to disclose when questioned about the Binance HQ address at the FT Crypto and Digital Assets Summit in London this week.

 

His response implied that the public does not have a right to know about such information. Although Teng did not reveal Binance's global headquarters, he did mention its European and Middle Eastern headquarters.

 

He also said the company has long been criticized for its opaque structure and Chinese ties. He mentioned that the company will reveal its global headquarters in due course.

 

Conclusion

Teng’s deflection of questions about Binance company headquarters shows they aren’t willing to make changes as promised. This comes after Binance has faced high criticism from regulators worldwide. The company has denied many allegations, but this interview made the audience more concerned.

 

Several individuals have long discussed the entire line of secrecy with Binance. It raises doubts about Binance's recent commitment to greater transparency and accountability. This could severely affect the company's reputation and ability to operate in regulated markets.

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