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Binance Denies Connections with UK-Registered Organization

Binance Denies Connections with UK-Registered Organization

In a subreddit post on the r/buttcoin segment, an individual announced that the world’s largest crypto exchange by trading volume, Binance Ltd., is registered in Mildenhall town in Suffolk County, England

The Subreddit post showed an alleged “utility closet” that the crypto exchange giant, Binance, uses as its office address in the United Kingdom.

However, a Binance spokesperson informed Cointelegraph that the purported information wasn’t accurate and that the exchange had no affiliation with the entity.

The official website of the UK-based purported entity uses a virtual shell similar to the ones used by Tech giants like Apple, Walmart, Google, and Coca-Cola.

Information from Google Maps shows that the location is a small, insignificant garage located outside the town. The site is over ninety minutes from London, the nation’s capital.

Also, information from the government’s entity registrar, Companies House, displays that site hosts multiple companies in the same address, totalling 2,403 active businesses. 

According to records from Companies House, the Nature of Business (SIC) of Binance is “Other service activities not elsewhere classified.” 

The website address belongs to a virtual registered company known as OfficeServ. Based on the information from its website, OfficeServ provides a “believable business location” to virtual registered businesses in the United Kingdom.

Many Tech Companies Worldwide Rely on Virtual Shells

This information brings more suspicion to Binance LTD’s operations, as many organizations in the United Kingdom that provide financial and IT-related services use the name Binance.

Using shell companies to represent a presence in a particular place is not a new development. Many tech, finance, and fin-tech companies have used virtual “shell” addresses for various reasons. 

These reasons include offering privacy, and security, hiding patent filings, or safeguarding a company from corporate tax.

The most significant is the Corporation Trust Company, a prominent registered agent service organization. 

Thousands of US-based firms, including Coca-Cola, Walmart, Google, JP Morgan-Chase, General Electric, Ford, and Apple, use this agent service to minimize taxes legally. 

The CTC runs a similar non-significant brick building in Delaware. Tech giant, Apple Inc., used it in November 2022 to conceal the patent fillings for its latest Vision Pro headset and its operating system. 

Furthermore, Reuters released a blog post describing another significant firm, Wyoming Corporate Service, which camouflaged as a “brick house” but hosted more than 2,000 registered companies in 2011.

The exposé explained how firms establish a specialist “shell” company, which is only a paper company. 

The report described that these “shell” companies are used “to hide assets.” Wyoming Corporate Services is responsible for creating companies, setting up a bank account for the firm, adding a lawyer, and appointing stand-in directors and officers of all levels.

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