Binance has established a new location in Ireland, amidst a burgeoning spot market and tightening regulatory controls.
After forming Binance (Ireland) Holdings last year, the popular cryptocurrency exchange has registered three companies in the previous ten days.
The exchange, on the other hand, needed a market boost because it had to shut down operations in a number of nations. Binance started a little over a week ago that users in Singapore would no longer be able to buy or trade cryptos on its primary platform. This choice was made in order to stay in compliance with changing local rules.
Binance’s local affiliate can operate in Singapore as long as they seek a Monetary Authority of Singapore (MAS) license. Meanwhile, regulators in other countries such as the United Kingdom, Italy, and Hong Kong have indicated Binance entities are not permitted to operate in their jurisdictions.
As a result, the exchange needed to expand in Ireland in order to establish its foothold. On September 27, 2021, Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies were all formally founded in the country. Binance’s CEO, Changpeng Zhao, filed the companies on September 10 and 13, 2021.
Despite the ongoing regulatory issues, Binance trade volume has remained relatively stable. According to data provided for Reuters by CryptoCompare, trade volumes in September totaled $789 billion, up from $454 billion in July. According to the report, derivatives volumes increased by nearly 25% to $1.7 trillion.
Binance’s business hasn’t slowed down at all, despite shutting down its derivatives business in Europe and ceasing operations in other nations.
