Binance has made British registrations gross inaccurate”, claiming venture partners claim

Binance was accused by the co-owner of a British subsidiary of having submitted a "gross inaccurate" annual report for one of the British companies associated with the world's largest crypto exchange.

The directors of Dimplx, a British company that was founded as part of a joint venture with Binance, said that the annual financial statements 2020 for one of Binance's British companies "not reproduces the type of its business, its sales, its assets and liabilities, including potential tax debt".

Dimplx, which brought the claim in his own documents this month at the Companies House, the most important company register of the government, threw questions about the role of the role of cryptography in the run -up to the devastating warning of the Financial Conduct Authority, the British companies played with the extensive global activities of Binance last year.

The city's regulatory authority has repeatedly expressed concerns about Binance and warned against the fact that its "complex and risky financial products [pose] [pose] a significant risk for consumers". Last year, the FCA published a consumer warning against Binance Markets LTD, another British subsidiary of the broader Binance Group, and prohibited it all regulated activities.

The FCA later said Binance failed to provide basic information about its global activities, such as: B. "Trade names and functions for all group units worldwide". The stock exchange has explained that it intends to restore relationships with the FCA and to apply again to apply the British supervision.

The allegations of Dimplx direct the limelight to a second British company, Binance Digital, and the type of his activities in Great Britain until the stock exchange collided with the FCA. The claims of the former co -owner of the subsidiary against Binance have not been proven.

Binance and Dimplx received a joint venture in Great Britain in 2019, but relationships between companies have deteriorated since then. Dimplx said it intended to sue Binance for disputes that arise from their business relationships, but refused to provide details about his demands.

Binance said: "In view of the threat of legal disputes by the minority shareholders, Binance is unable to answer the allegations completely. However, we understand that the minority shareholders are disappointed that the joint venture has not worn fruits."

Binance Digital was founded in Great Britain in November 2019 as a "payment processing broker". It is 20 percent owned by Dimplx, a British company founded by two entrepreneurs based in South Africa, which it describes it as a "joint venture company". Binance founder Changpeng Zhao has the majority stake.

Simon Dingle, a director of Dimplx, was on the Binance Digital board until December 2020. In the annual report of Dimplx for the year to February 2021, Dingle and his colleague Joshin Raghubar claim a flood of inaccuracies in the accounts of Binance Digital for 2020.

The unit was named as "responsible for transactions" between crypto and all national currencies in addition to the Turkish Lira, according to the archived copies of its terms and conditions on Binance.com, the main website of the crypto exchange, which investors are used as "responsible for transactions".

The submission of Binance indicated that Binance Digitally at the end of 2020 around 100 million

The Dimplx Directors said that they believe that the 100 million pounds represent credit that "are held on behalf of Binance digital customers who visited Binance.com". They said that customers who make transactions on binance.com are "obliged to pay transaction fees".

, however, according to Dimplx, the annual financial statements "have no sales or fees in relation to all transactions that were carried out with a customer during the financial year".

Binance did not want to say whether Binance has raised digital transaction fees from customers who act on Binance.com and refused to explain the source of £ 100 million. Binance Digital's annual financial statements for 2020 state that no sales or income was shown in the course of the year and the company did not pay British taxes.

Dimplx refused to comment.