Binance's Bifinity Emerges as Top Lithuanian Taxpayer: Defying Nordic Banks

Discover how Binance's Bifinity emerges as the top taxpayer in Lithuania, contributing more than the largest Nordic banks. Explore the implications for cryptocurrency adoption and the advantages of Lithuania as a crypto-friendly jurisdiction.

Posted 7 months ago in Blockchain


Image description: Binance's Bifinity logo against the backdrop of a Lithuanian flag.

Seasoned cryptocurrency analyst adds unexpected touch to portrait of largest CEX ecosystem.

It took one year for Binance's crypto-to-fiat processing unit Bifinity, a Lithuanian-headquartered company, to jump into the top five country taxpayers. Bifinity UAB paid over $45 million in taxes excluding VAT in 2022.

During the 2022 fiscal year, Binance's affiliate Bifinity was the second largest corporate and fourth largest taxpayer overall. This data was published by pseudonymous blockchain researcher going by DeFi Ignas (@DefiIgnas on X) based on statistics of the national tax service.

There's one peculiar reason I'm a fan of Binance. Binance via Bifinity entity contributed more in taxes in my small home country Lithuania than the four largest Nordic banks. In fact, Binance was the 2nd largest corporate and 4th largest taxpayer overall. Binance funds fixing…

Amid corporate taxpayers, it was only surpassed by Thermo Fisher Scientific Baltics (also known as Fermentas), a well-known producer of restriction enzymes and DNA ladders and molecular weight markers. Also, Binance's Bifinity is surpassed by two state-owned enterprises (in the table above, V? stays for "valstyb?s ?mon?," a form of state-backed entity in Lithuania).

DeFi Ignas noticed that Binance's Bifinity paid more taxes than four largest banks operating in the country. As per the U.S. SEC documents , Changpeng "CZ" Zhao, the co-founder and chief executive officer of the Binance group, is also a sole shareholder in Bifinity UAB.

The researcher is sure that having such a taxpayer incorporated in Lithuania is a net positive for the Baltic state: Lithuania is a good choice as it... (full text not provided)

Last updated 9/10/2023, 3:22:11 PM

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