Crypto exchange Binance is poised to shift away from its long-standing “decentralized headquarters” narrative as it faces global regulatory headwinds.
In a TV interview with the South China Morning Post on Thursday, Binance co-founder and CEO Changpeng Zhao was asked how Binance is getting itself ready to apply for licenses in jurisdictions that have clearer licensing regimes.
In response, Zhao acknowledged that Binance’s pitch over the past several years that it is a global, decentralized operation with no headquarters does not go down well with regulators.
“Four years ago when we started it, we wanted to embrace the decentralized model so we wanted to have decentralized teams everywhere. But we do run one centralized exchange, which is the biggest part of our business. Now we have come to realize that for the regulators, we need to be centralized,” he said, during the interview.
Zhao added that telling regulators they have no headquarters could easily put Binance in a negativ
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