Binance announces restructuring to ease regulators’ concerns

This is not the first time the company has found itself in trouble as it has been embroiled in a series of controversies surrounding money laundering.
Binance previously refused to declare where certain operations were located, who its main stakeholders were, and the legal and regulatory status of its products, according to a notice from the Financial Conduct Authority (FCA) in August 2021. As it stands, Binance operates through a large network of offices around the world and has no “official” headquarters.
Binance CEO Changpeng Zhao has now announced that the business will calm regulatory concerns by reorganizing itself into a centralized entity. “When we were running a centralized exchange, we started to realize that we needed a centralized entity to work with regulators,” Zhao explained to the South China Morning Post. “We needed to clearly document ownership, transparency, and risk controls for stakeholders.”
The FCA joins regulators in Japan, Hong Kong and Italy in banning Binance’s UK entity from operating in the country.