- Binance may expand further in El Salvador following President Bukele’s recent announcement.
- Bukele will submit a bill that will waive all taxes for tech-related profits and operations.
- US-based crypto firms may become enticed to relocate to El Salvador.
Binance may increase its workforce in El Salvador following President Nayib Bukele’s plans to waive taxes for tech-related ventures. CEO Changpeng Zhao assured that they will “do more.”
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As seen in the tweet above, Binance’s operations in El Salvador compose of 60 customer support staff and nothing more. Currently, some of the global exchange’s operations are in at least 10 countries including its headquarters, which is in the Cayman Islands, as well as in Dubai, UAE; Singapore, Canada, Australia, and more.
If President Bukele’s bill passes into law, it would mean that tech companies will enjoy all profits earned as well as lessen their operating expenses from zero import tariffs. Many countries, including crypto firms from the US, will be enticed to relocate to El Salvador.
Notable crypto companies that are still operating in the US include exchanges Coinbase and Kraken, fintech firm Ripple, and bitcoin mining companies Marathon, Riot, Canaan, Hut 8, and more.
Despite the latter not being in troubled legal waters compared to Coinbase, Ripple, and Kraken, they are still subject to discrimination due to energy-hungry BTC mining operations.
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