Binance's Regulatory Runaround: Inside Europe's Botched Battle

Binance, the world's largest cryptocurrency exchange, faced challenges in finding a regulatory-friendly base in Europe after leaving China. It failed to establish operations in Malta and the UK, but found a home in Lithuania. However, Binance's subsidiary in Lithuania, Bifinity, is now accused of facilitating dubious transactions, including sending billions of dollars to a subsidiary accused of commingling customer deposits. Bifinity was also crucial to Binance's failed attempts to obtain a crypto license in the UK. Binance is currently under investigation for fraud and anti-money laundering in France, and the SEC has filed charges against the company and its CEO, Changpeng Zhao. Payment providers are dropping Binance, and the company continues to face regulatory challenges in Europe.