Binance CEO Richard Teng says UAE ‘very attractive’ as base for HQ

Richard Teng, the CEO of Binance, still won’t say where the world’s top crypto exchange will locate its global headquarters.

But the former Abu Dhabi regulator did say that the United Arab Emirates was “very attractive” as a potential location.

“A global HQ is something we’ve put a lot of time into,” Teng told DL News on the sidelines of Abu Dhabi Finance Week. “When we come to final determination, we will let you know.”

When asked whether Abu Dhabi or Dubai, the UAE’s two largest cities, were top contenders, he declined to comment.

Central office

Binance has long avoided saying where its headquarters is located.

Changpeng Zhao, co-founder and former CEO of Binance, insisted during his tenure that the exchange, unlike conventional businesses, did not need a central office.

“Wherever I sit, is going to be the Binance office,” he said in 2020 during a crypto conference.

Where a company is based is a fundamental part of corporate governance because it shows which laws and authorities supervise its operations.

This is especially important with firms operating in the financial markets where depositors and traders must trust companies to safeguard their assets.

After Zhao pleaded guilty to violating US banking law in November 2023, Teng took the helm and sought to reassure both regulators and customers that Binance was turning the page on its errant ways.

That month, Binance pleaded guilty to accommodating criminals on its platform and agreed to pay $4.3 billion in penalties to the US Department of Justice and other agencies.

Compliance controls

Under the terms of the plea agreement, the company appointed independent monitors to oversee anti-money laundering and sanctions compliance practices.

And a company representative told DL News that when the company launched it did not have adequate compliance controls in place.

“However, Binance has since taken responsibility for this past chapter and have worked hard to restructure their organization and enhance their regulatory compliance,” the Binance representative said.

Teng has taken steps to clean up the crypto exchange.

In April, Binance appointed its first board of directors, with Gabriel Abed, who is the former ambassador of Barbados to the UAE, serving as chairman.

Crisis in Nigeria

In his interview with DL News, Teng also declined to provide any further information on Binance’s ongoing dispute with Nigeria.

For about eight months, the Nigerian government detained Tigran Gambaryan, the head of Binance’s financial crimes compliance unit and a US citizen.

In May, Nigerian officials put Gambaryan and his employer Binance on trial for money-laundering charges.

As the trial continued, Gambaryan’s health declined.

In October, after pressure from the Biden administration, the Nigerian government released Gambaryan and let him fly back to the US.

Binance, though, is still on trial in Africa’s most populous country.

“We will defend our position very robustly,” Teng told DL News. “We are not at liberty to discuss any litigation.”

Talking to CZ

The Binance CEO also sidestepped questions concerning the exchange’s plans for the US.

He also declined to shed any light on Zhao’s role at the company he founded seven years ago, if any. Teng said he speaks to the former CEO “very infrequently.”

When asked whether Yi He, a co-founder of Binance who is still a top executive, talks about the company with Zhao, Teng said that’s a question for her.

And, on the heels of an announced partnership with stablecoin giant Circle, Teng declined to say whether his company has its own plans to launch its own stablecoin.

“At this point in time, it’s too premature,” he said. “We are focussing on our partnerships.”

Updated on December 16 to report Binance’s comment on compliance controls.

Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at bweiss@dlnews.com.