Binance enhances European presence with new Ireland subsidiary

Sahana Kiran
Source – Pixabay

The entire crypto industry has been veering into Europe. A plethora of firms were seen seeking regulatory approval in order to set up offices in these countries. Binance, the world’s largest crypto exchange by trading volume had started its voyage into Europe quite some time back and now the firm was seen elevating its presence in the space.

As per a recent report, Binance set up another subsidiary in Ireland through Binance Global Sourcing. Following this, the firm has a total of seven firms in the region.

It should be noted that Binance intended on choosing Ireland as its European headquarters. However, the increased crypto adoption and momentum in Paris, France lured the exchange in another direction.

Speaking about the same, CZ previously stated,

“When we first started we wanted to embrace the decentralized principles, no headquarters, work all around the world, no borders. It’s very clear now, to run a centralized exchange, you need a centralized, legal entity structure behind it.”

This news came after the increased pressure that the exchange had from regulators across the globe. Back in September 2021, Binance [APAC] Holdings, Binance [Services] Holdings, and Binance Technologies were officially set up in the region.

It should be noted that the platform has been establishing a stronghold throughout the world.

Ireland opens doors to crypto

While Binance already entails a prominent presence in Ireland, the Winklevoss twins’ crypto firm Gemini recently debuted in the region. Earlier this month, Gemini went on to roll out the option of depositing, trading, and custody of about 100 cryptocurrencies to Irish citizens.

While the country has been welcoming crypto, its citizens weren’t too excited about it this year. A report that came out in August revealed that crypto adoption had dipped by 16.6 percent throughout the last year. This could, however, be the result of the ongoing bear market.