Binance Registers Three New Firms in Ireland Amid Strict Regulations

The world’s biggest cryptocurrency exchange, Binance, has registered three new firms in Ireland, amid global legislative pressures and crackdowns. Like any true global outfit, the company continues to spread its tentacles around the world.

According to Ireland’s Independent news outlet, Binance (APAC) Holdings, Binance Technologies, and Binance (Services) Holdings were the three entities registered. The three firms were officially registered in the country on September 27. These companies, follow Binance’s first Irish company, Binance (Ireland) Holdings which was registered in 2020.

The registration process was handled by an Irish law firm, Mason Hayes & Curran. Official documents detail the firms’ office above an athletics shop in Dublin.

The reports also suggest that the CEO and Founder of the exchange, Changpeng Zhao, will serve as the director of all three new companies. Beyond this, it remains unclear what the exchange’s intentions for the new entities are.

Binance Unmoved by Tough Regulatory Climate

The cryptocurrency exchange has had to endure a sleuth of regulatory missiles from different countries and states recently. This is even as countries are enacting regulations to protect their citizens’ foray into the cryptocurrency ecosystem.

Already, the cryptocurrency exchange has stopped derivatives delivery in multiple European Union states. More recently, it stopped delivering services to Singapore residents after the country placed Binance on an Investors Alert List. In adjusting to the regulation, it was forced to restrict Singapore users’ access to certain services like local deposits and spot trading currencies.

Also, the People’s Bank of China recently announced stricter measures on coins trading, banning virtual currency-related services offered by off-shore crypto exchanges like Binance.

Despite all these, the exchange remains unfazed as it continues to grow in leaps and bounds. What is interesting is the increase in trading volume on the exchange. According to market analysis by CryptoCompare, Binance’s spot crypto trading volumes reached $789 billion in September, from $454 billion traded in July.