An unintended consequence of AML regulation: making operating an honest business more difficult and forcing them into become more shady operations or be outcompeted by those who do. Same problem faced by Tether.
That's not the main Binance organization. They have various silos (like Bifinity and Binance USA) that are registered and claim to be siloed from the other organization, but even a little bit of research makes it clear that they're not actually separate organizations. Binance US is under investigation for things like KYC/AML avoidance and money laundering...
> Bifinity, whose annual report said it has 147 employees, does not have a website or publicly provide any contact details. The company's chief executive, Saulius Galatiltis, did not respond to requests for comment. At its registered address at a business centre in Lithuania's capital Vilnius, Bifinity is not listed on the tenants' board.
This is not the first time a Binance organization has claimed to be filing from / regulated in a particular country or location, but when anyone actually tries to look into it there's nobody there or the registration was withdrawn.
