Binance, the world’s largest cryptocurrency trading platform, has set up yet another subsidiary in Ireland despite choosing Paris as its European hub.
Established this month, inance Global Sourcing joins the list of other units the group has established in Ireland.
Currently, 7 companies are registered here.
of ireland independence Binance revealed last year that it had set up a number of corporate entities in Ireland as it explored options for a new European headquarters.
The unit lists Binance founder and CEO Changpeng Zhao as a director.
Zhao said last year that Ireland was among the countries Binance is considering for its European headquarters.
But in May I chose Paris as my office location.
Over the summer, Binance hired former financial services firm State Street executive Karl Long as director of its Irish operations.
Mr. Long most recently served as Director of Digital Assets and Commodities Operations at WisdomTree Asset Management, a role he assumed in February.
Prior to that, he was Managing Director of Operations at State Street, Dublin. He has also held roles at Salix Capital and FrontPoint Partners.
He is the sole director of Binance Global Sourcing, with law firm Mason Hayes Curran acting as company secretary.
Zhao continues to serve as director of other Binance divisions in Ireland, and his address has been updated to reflect his new home in Dubai. He Jinkai, the managing director of Binance, is also the director of one of his Irish companies.
Bitcoin is trading about 70% below its November high of $69,000.
But a growing number of funds are betting on the long-term appeal of Bitcoin and Ether.
Unfazed by the price crash of the past 11 months, investment firms have dumped a flurry of exchange-traded funds in anticipation of the eventual adoption of elite cryptocurrencies and their underlying technology. . According to Morgan Stanley, of the more than 180 active cryptocurrency exchange trading and trust products worldwide, half started after the Bitcoin bear market began. Despite a 70% decline to $24 billion, the proliferation has occurred.
Additional Report: Reuters