Bifinity, a division of Binance, was the country’s number two biggest corporation and number four largest taxpayer in fiscal year 2022.
DeFi Ignas observed that Binance’s Bifinity had a higher tax payment than the country’s four biggest commercial banks combined. According to filings with the U.S. Securities and Exchange Commission, Binance Group co-founder and CEO Changpeng “CZ” Zhao is also the sole owner of Bifinity UAB.
According to his findings, the incorporation of such a taxpayer in Lithuania would be beneficial to the Baltic state as a whole.
Binance’s cash can be safely stored in Lithuania, and the country’s proximity to the EU makes it a suitable option. For developing nations that adopt crypto, the benefits are immense.
Bifinity, Binance’s in-house payments technology firm, was officially introduced on March 7, 2022, as previously reported. It powers the payments API, is interoperable with Visa and Mastercard, and works with many fiat cryptocurrencies.
The following day after Bifinity’s introduction and its initial collaborations with payments operators, the U.K. financial authority issued a specific warning statement.
Several key officials have departed Binance (BNB) in recent months, amid reports of insufficient reserves and an impending regulatory crackdown. Patrick Hillmann, Binance (BNB)’s Chief Strategy Officer, and Steven Christie, the Compliance Vice President, both left the company in June 2023, and the directors for Russia and CIS resigned on September 6th.
Changpeng “CZ” Zhao, CEO of Binance, says people should “ignore the FUD.” For the tenth time, Binance (BNB) revealed its proof of reserves (PoR) on September 7 to demonstrate its financial stability and preparedness for a possible “bank run.”
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