Binance Holdings Limited (Cayman Islands): All management resigned, company in liquidationWe recommended you to read:
- Binance Broker Program: How Binance serves U.S. citizens through Cryptorg
We'll start the article with the main "event", after, we'll add our opinion. So, Twitter user Francis Kim posted legal excerpts on Binance Holdings Limited (Cayman Islands). This is the main legal company which allegedly owns Binance.com casino and Binance trademark rights, though additional companies Guangying Chen (Heina Chen) and Changpeng Zhao have opened many around the world, some of which exist solely for receiving fiat - for example Australia, Turkey. Francis Kim himself lost money on the Binance scam on May 19, 2021, as part of a casino-favorite manipulation in the format of a technical platform shutdown for a time (the approximate loss of traders is more than $200 million). Same thing we had on September 21, 2018, and what users experience from time to time on Binance and FTX.
Binance Holdings Limited (Cayman Islands)
It appears from this document that the legal company Binance Holdings Limited (Cayman Islands, number 326889) is in liquidation status and apparently removed from the registry. The Cayman Islands financial regulator (CIMA) initiated an investigation of Binance. That is, even the offshore zone, which usually does not care about the activities of its subject took up the investigation of Binance and, moreover, removed the company from the register and liquidated the company in its jurisdiction. The company has until October 29, 2021 to liquidate, and its authorized capital is 41,000 Cayman dollars (CI$), which equals $49,125. This is from an exchange with billions in turnover, which it artificially falsifies in all trading pairs by hundreds/thousands/tens of thousands of times.
Next, even more interesting: The lawyer lawyer who received the document from the Cayman Islands gave the following explanation of the legal entity:
The entire management team has resigned. The company is not in good standing and does not qualify. The only owner the company has is Changpeng Zhao.
Francis Kim, asks a perfectly reasonable question:
This is not explicitly stated in any Rules other than Binance Australia, but Binance Holdings Limited, based in the Cayman Islands, is believed to be the custodian of all cryptocurrency, all money. What happens to all the coins and money on October 29 when Binance is deregistered?
And the question is interesting, where is all the fiat money stored that comes through Binance's financial partners and who is legally responsible for it, now? And who is responsible for crypto assets being on Binance now? Or as Binance scammers like to claim:
"The company has "always operated" under a decentralized model and has not operated a cryptocurrency exchange in the Cayman Islands. However, we do have legal entities registered under Cayman Islands law that operate legally permissible activities unrelated to cryptocurrency trading. We will work with regulators to address any issues they may have," Binance noted.
Probably, the financial responsibility will fall on the shoulders of the real owners of Binance casino, on Ms. Guangying Chen (Heina Chen, Helena Chen), about whom we have already written in the article "Who owns Binance Casino: Guangying Chen (Heina Chen) or Changpeng Zhao?". But it seems to us that she is hiding Binance for a reason, and did not plan to take any responsibility (at the start of Binance in 2017), and does not plan now. Otherwise, why hide its existence?
Massive resignations of Binance management around the world
Yes, this message is very clear, and these are only the executives that have been publicly known and not in all jurisdictions. In fact, there are far more mass resignations than is written about or can be found in public sources:
- Brian Brooks resigns as CEO of Binance.US (Aug. 07, 2021)
- Binance seeks new CEO to replace Changpeng Zhao (CZ) (August 2021)
- Binance CFO Wei Zhou resigns (June 10, 2021)
- Binance Australia Chief Financial Officer Jeff Yew resigned (April 23, 2021)
- The entire management of Binance Holdings Limited (Cayman Islands) resigned (August 2021)
- I should probably add Zhao Dong - who is closely associated with FTX, Tether, Bitfinex (July 2020)
Do you know more executives of which divisions and in which countries Binance scams have left their posts? Let us know, we'll supplement and do an analysis.
Another legal liquidation: Cryptorg.net/Cryptorg.io
We (and not only we) wrote a lot about Binance's legal manipulations and games, there was a big investigation called how Binance hides its legal structure from regulators and users, just recently we finished the section Binance Structure: Legal Entities Related to Binance - where we collected, in our opinion, all the main companies that in one way or another are related to Binance fraud (as much as possible, given our capabilities, we are not CIA, not FBI agents, not Mossad intelligence, and not MI6).
At one time, there were a number of legal articles:
- Archive 2017: China Regulator on 60 ICOs: Investigation into Illegal Offering and Sale of Binance Securities
- For investigations and inquiries: Guangying Chen, Binance, Bijie Tech and Changpeng Zhao
- For investigations and inquiries: background on Changpeng Zhao, Binance in Switzerland, Guangying Chen, and Pascal Schmid
- For investigations and inquiries: Guangying Chen (Heina Chen), BitDJ (do) and Binance Domain Analysis
- For investigations and inquiries: Malta, Guangying Chen (Heina Chen) and Alexandre Dreyfus
- Who owns Binance casino: Guangying Chen (Heina Chen) or Changpeng Zhao?
- FCA bans Binance from the UK (list of companies and owners)
- A message from hell: Binance is trying to shut down Scambinance.com (Binance trademarks)
The story of Binance's run around the world
We all remember when Binance appeared in China in 2017 and immediately came under investigation for illegally placing and selling securities (including, BNB token or BNB security).
From China, it literally fled immediately to Japan - where the regulator banned Binance's operations. After Japan, Binance fled to Hong Kong, but the regulator banned operations there as well.
After Japan and Hong Kong, Binance rushed straight into the heart of the EU - to Malta, how much talk, plans, promises, fictitious offices and headquarters. Until all these tales were suppressed from the Maltese Financial Services Authority (MFSA). Binance as they like to do, ran away from Malta and remembered to defraud Maltese President George Vella's Malta Community Chest Foundation (MCCF) of $8-10 million. Apparently, this is how they wanted to get the loyalty of the Maltese government, when the financial regulator came forward, and they didn't get any loyalty, they decided not to pay the money to the foundation for people with cancer.
After Malta, Binance flew far away... Cayman Islands, where the Cayman Islands financial regulator (CIMA) did not long tolerate "myths of crypto-fraudsters" and initiated an investigation of Binance. At the moment, it became known that Binance Holdings Limited (Cayman Islands) is in the status of liquidation and, apparently, is removed from the register.
Where the casino will run after October 29, 2021 we can only guess - Kazakhstan, Ukraine, Latvia, Lithuania, Estonia a new offshore paradise, or another "third world" country. Or the lie about "decentralized" criminal and fraudulent business will continue.
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