FT: Binance partners in Britain accused the exchange for FCA data distortion

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DIMPLX has accused the Binance cryptocurrency exchange of deliberate distortion of the annual reporting of their joint venture in the UK. About this with reference to documents for FCA writes Financial Times.

In the papers for the British registration chamber, the top management of the structure noted that the exchange transmitted inaccurate data on the turnover, assets and obligations of Binance Digital with the aim of underestimating the tax base.

According to FT, a subsidiary was created in November 2019 as a “intermediary for payments processing” (date of registration in FCA – February 2020). Dimplx owns a 20% share in capital. The control package of shares belongs to Chanpan Zhao.

DimPLX allegedly announced his intention to sue Bitcoin-foreign due to disputes, but refused to reveal the essence of the claims.

“In the light of threats to the trial by the minority shareholders, Binance cannot fully respond to the accusations. However, we understand that the opposite side is disappointed that the joint venture did not justify hopes, ”repaired representatives of Bitcoin-Birzhi.

According to the reports at the end of 2020, Binance Digital owned ~ £ 100 million in the form of “cash and/or banking residues”, possessing obligations of a similar size.

According to DIMPLX top management, the indicated amount in the assets was “received from Binance Digital customers in the form of commissions from transactions on Binance.Com “.

The financial reports, in turn, recorded “zero turnover or commission fees for any transactions conducted with any client during the financial year”.

The publication noted that the data raised questions about the role of British companies in large -scale global Binance operations on the eve of the FCA prohibition on activities in the country in June 2021.

Then the regulator warned consumers that Binance Markets Limited is part of the Binance Group. The exchange could not provide basic information about its global operations, such as “trade names and functions for all groups of the group around the world”.

Recall that in December 2021, CEO Binance announced plans to submit an application for registration in the FCA in order to become a fully “regulated company” within 6-18 months.

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