Media: Binance may be forging its accounts and transactions in Ireland and Malta

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In particular, investigators fear that Binance may be falsifying its accounts and transactions, as well as mixing revenue from different countries so as not to raise questions from regulators and tax authorities. The exchange is also suspected of money laundering and tax evasion.<br

These concerns have arisen because Binance’s operations in Ireland and Malta are particularly difficult to trace, despite claims that dozens of employees work there. According to official records, the companies have no premises other than their registered address, which is shared with other companies.

Investigators also believe Binance is overstating the number of registered employees by lumping that number together with freelancers. Binance does not have an exchange license in Ireland or Malta. Binance’s Irish-registered subsidiaries appear to be wholly owned by the head of Binance, Changpeng Zhao.

Binance claims to operate across Europe, including in France, Ireland, Malta, Italy, Spain and Lithuania. In 2018, Binance announced its European headquarters in Malta. It then changed direction and established three more companies in Ireland, announcing that its European headquarters would be there;

Eventually, it stopped in Paris as its EU headquarters, and was licensed to operate as a provider of digital asset services in the country.

Recall that the French financial regulator has been investigating the exchange since 2022. Recently, the Financial Services and Markets Authority of Belgium (FSMA) issued an order for the immediate suspension of Binance services in the state. This year, Binance shut down its subsidiaries in the U.K., Cyprus and the Netherlands.

Earlier it became known that Paysafe Payment Solutions, which is Binance’s banking partner in Europe, will stop supporting the crypto-exchange after September 25.