The largest cryptocurrency exchange, Binance, has no head office or formal address and lacks licenses in countries where it operates, making regulators wary about the company as they seek more information on its operations, the Wall Street Journal reports. First off, the U.S. Securities and Exchange Commission is looking into how Binance conducts business in the U.S., where it has many state licenses, former executives told the WSJ. In addition, the Department of Justice examines whether Binance has conducted money laundering activities, one former executive told the WSJ. Binance Founder and Chief Executive Changpeng Zhao told the WSJ that the exchange needs to fall in-line with regulators, including getting the proper licenses. "We run a very legit business," Changpeng said. He says Binance is in the process of setting up local offices and a headquarters, though he wouldn't say where. Speaking of location, some former executives told the WSJ they are
