By Walter Grand in World —

Binance hides illegal activities through front companies in Ireland and Malta - Protos

Binance hides illegal activities through front companies in Ireland and Malta - Protos
Photo by Abbe Sublett / Unsplash

EU authorities believe Binance is using a network of front companies in Ireland to "dilute" its financial flows to avoid attracting the attention of regulators and tax authorities, Protos reports.

Another organisation, Binance (Services) Holdings, has close links to the company's business in Malta.

Authorities believe the exchange is overstating the number of employees by employing specialists on a remote basis, the publication notes. The firm, however, is not licensed in Malta or Ireland.