On June 19, a post on the r/buttcoin subreddit showed a so-called “utility closet” that a firm called Binance Ltd uses as a registered office address in the U.K.
Binance Denies Affiliation
However, a spokesperson for the major cryptocurrency exchange told Cointelegraph that the registered organization is not a Binance entity.
Address Details
The address in question is located in the town of Mildenhall in Suffolk County, England. Google Maps shows the site is a small, nondescript garage building on the outer edge of the town about an hour and a half’s drive from Britain’s capital London.
Companies House Records
Companies House — the government’s company’s registrar — shows Binance Ltd shares the address with 2,403 active companies in total.
OfficeServ – Virtual Registered Address Provider
The address is actually the site of a company called OfficeServ, a virtual registered address service provider that aims to give a “believable business location,” as per its website.
Binance Ltd’s Registered Activities
Companies House shows Binance Ltd is registered to provide ”other service activities not elsewhere classified.”
Concerns and Crypto “Clone” Firms
While the details around the entity “Binance Ltd” are still unclear, the Financial Conduct Authority in the United Kingdom has previously warned the public about the existence of crypto “clone” firms. Clone firms are a type of scam in which the scammers use information from legitimate firms in an attempt to convince targets that they are genuine.
Presence of “Binance” Entities
There are currently several entities with “Binance” in their name across various addresses around Britain.
Use of Virtual “Shell” Addresses
Tech firms shell games – The use of virtual “shell” addresses by technology companies around the world and in the United States has been happening for years. These are used for a host of reasons — from providing privacy, obscuring patent filings or registering a business in a corporate tax haven.
Corporation Trust Company
Most notable is the Corporation Trust Company, the world’s largest registered agent service firm, used by thousands of firms, including well-known companies such as Google, Walmart, Coca-Cola, and Apple. It operates out of a similarly nondescript brick building in Delaware.
Wyoming Corporate Services
Another firm, Wyoming Corporate Services, was described in a 2011 Reuters exposé as a “brick house” in a “sleepy city” and home to 2,000 registered companies at the time.
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