- In a statement, the portal cited a source in the government
- Allegedly the authorities are interested in the exchange’s activities in these markets
- Binance does not have a license here and the nature of financial flows is not entirely clear
- The units have no real offices, do not conduct operations and overstaff
According to Protos, EU authorities are interested in Binance activities in Ireland. They believe the exchange is using a network of front organizations to “dilute” financial flows within the bloc so as not to attract the attention of regulators and the Internal Revenue Service.
The reason for the concern was the activities of the local unit.. Locally-registered Binance Holdings does not conduct operations, but rather serves as a front for front organizations.
Another organization, Binance (Services) Holdings, has close ties to the company’s business in Malta.. In addition to the virtual office, the two firms have neither facilities nor the necessary staff, and the financial flows through them are explained by consulting services.
The authorities believe that the exchange overstates the number of employees at the expense of hired specialists on a remote basis, Protos said.. The firm does not have a license either in Malta or Ireland.
It should be noted that Protos did not give proof of their statement, citing a source among the EU authorities.. Binance has not yet commented on the situation. Recall that some EU regulators have teamed up with the Securities and Exchange Commission (SEC) to investigate the activities of the organization. At the same time, according to unconfirmed information, the top management of the exchange in Europe is rapidly leaving the company.