Bifinity UAB and Binance: Historical Role and Service Termination

Services covered by Bifinity UAB

At its launch in March 2022, Binance described Bifinity as supporting more than 50 cryptocurrencies, payment methods including Visa and Mastercard, and API integration for merchants. These specifications describe the historical offering. Bifinity UAB ceased providing services to Binance users on 31 December 2025 and must not be presented as their current service provider in 2026. This ultimately opens the door for more and more businesses to start offering safe and easy crypto payments.

Besides functionality, Bifinity UAB is eager to propagate values among Binance users, already loved by users around the world. Among those, he will definitely seek active enlargement of global cryptocurrency trading, training his audience, and further processing of payments with low commissions. “As cryptocurrency and the economy of Web3 keep expanding, we see greater demand to build better fiat-to-crypto ramps to bridge the gap from the traditional financial world into a decentralized and centralized crypto economy. Binance’s mission is to increase the freedom of money worldwide. With the launch of Bifinity, we look forward to accelerating mass cryptography adoption” – said Helen Hai, president of Bifinity.

By collaboration, Bifinity UAB is already actively cooperating with other blockchain platforms: Safepal, Zilliqa, EQONEX, and Checkout.com, in expanding the functionality of their service. Consequently, as a result of this partnership, these platforms will broaden their services to include options of crypto-transactions safely and at low cost as one of the ways of payment for goods and services. Binance Custody was rebranded as Ceffu in February 2023. It must not be presented as a current Bifinity UAB service. Any insurance protection is subject to the applicable policy limits, covered events and exclusions; it does not constitute a blanket guarantee covering all client assets or losses.

In respect to Bifinity UAB, from an end-user perspective, this is set up to bridge more user-friendly buying and selling crypto services and points of entry, therefore creating easy access in crypto trading for anyone. From the point of making sure of the high level of security and full compliance with all the rules in question, at the design process, all users go through the highest level of the Know Your Customer check. By default, this process was aimed at the mitigation of risks such as fraud and money laundering, besides offering ongoing monitoring of the transactions, since all this would help financial companies find suspicious users’ behavior and probable terrorist financing.

THE HISTORY OF BINANCE IN LITHUANIA

On 16 July 2021, the Bank of Lithuania issued a warning to Binance, UAB, an entity already operating in Lithuania, concerning unlicensed investment services and potentially misleading public information. The warning therefore did not precede the establishment of Binance’s Lithuanian entity. At that time, registration as a virtual currency exchange or custodial wallet operator did not constitute a financial services licence from the Bank of Lithuania. According to the Bank of Lithuania, this warning was given because of a possible failure to meet these requirements. The main problem that caused the warning was alternative services, especially those related to crypto derivatives like options, futures, and securities.

The launch of Bifinity did not, by itself, place all Binance Group services under the Bank of Lithuania’s supervision or authorise investment services. Lithuania’s transitional regime for existing virtual asset service providers ended on 31 December 2025. From 1 January 2026, an earlier Lithuanian VASP registration alone no longer authorises the provision of crypto-asset services covered by MiCA; the provider must have an applicable authorisation or another lawful basis under MiCA.

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History of Binance

Binance was founded in the year 2017 by Changpeng Zhao. The company first came into the limelight of the cryptocurrency market for offering a never-before-seen cryptocurrency trading platform. All in a very short time span, Binance has grown into one of the biggest cryptocurrency exchanges in the world, marking tremendous growth and creating major milestones. The story of Binance is one of the most perfect versions of a successful Fintech startup, which faced every challenge with determination and climbed high.

Changpeng Zhao

Changpeng Zhao, more affectionately known to the whole cryptocurrency world as CZ, is probably one of the most recognizable faces in the world of digital assets. Changpeng Zhao is a co-founder and former chief executive of Binance. He stepped down as CEO on 21 November 2023 and must not be described as the company’s current chief executive. His rags-to-riches success story begins even further from the world of blockchain and cryptocurrencies-in fact, in the broad financial technology world, with extensive experience in software development and management.

Early life

Changpeng Zhao-just CZ for friends-was born in 1977 in Jiangsu, China. His family were teachers, and in 1984 the future king of the crypto industry’s father enrolled at the University of British Columbia in Vancouver, Canada. Chanpeng, his mum, and older sister had to wait five years for a visa to join him.

After the success of Binance, Zhao recalled how his father, upon his arrival, gave him his first computer and helped him learn the basics of programming. Later on, when at school, the future billionaire took several programming courses. At McGill University, he sent a request for an internship to one company in Montreal, which was working with HTML.

Later, a third-year internship in Japan was related to trading. “I was attracted by the fact that the job was in Tokyo, but then I realised that, gosh, there’s a lot of money flowing through these systems, just a huge amount. So I stayed in this industry forever,” Zhao recalled. From Tokyo to New York-most at Bloomberg LP-Changpeng did his fair share of world travel on the path to success. Later, he relocated to Shanghai, where he first took an interest in cryptocurrency and went on to found Binance.

Zhao got interested in Bitcoin during a poker game back in 2013 when the head of BTC China, Bobby Lee, told him to convert 10 percent of his capital into this cryptocurrency. Chanpeng studied the market and bought some virtual coins to “play around”. In 2014, he sold his house in Shanghai for buying Bitcoin. That’s when Zhao finally quit and joined full-time Blockchain.info platform, and a year later he started to work on launching his own exchange, at the same time working at Blockchain LLC and also bitcoin wallet provider and cryptocurrency exchanger OKCoin.

He founded Binance in 2017, and within six months, it was the largest cryptocurrency exchange in the world. Chanpeng said at that time Bitcoin was rising in value, the sites of exchanges were “crashing,” and the platforms didn’t have any support services.

Zhao rounded up customers and wooed them with a minimalist interface, reduced commissions, and its own cryptocurrency – BNB. Several days before the launch, the exchange managed to raise $15 m by issuing and selling BNB to investors. A year later, Forbes listed Changpen among the most promising crypto-entrepreneurs and estimated his fortune at $1-2 bn.

Since then, Binance has been on an acquisition spree, acquiring other crypto providers and launching new business lines, from a venture capital fund and Bitcoin mining operations to the Binance Pay payment system.

Today, Forbes estimates Zhao’s fortune is worth $15 billion.

On November 21, 2023, the CEO of the world’s biggest cryptocurrency exchange Binance Changpeng Zhao announced his resignation. He agreed to plead guilty to charges of violating US anti-money laundering laws and will pay a $50 million fine.

At the same time, Binance itself has agreed to pay a $4.3bn fine to the US authorities.

According to Reuters, citing US authorities, the exchange knowingly withheld information from law enforcement, compromised the sanctions enforcement regime, and failed to report suspicious transactions.

Among them are financial transactions of child sexual abuse, narcotics trafficking, and the activities of terrorist organizations such as Hamas.

“I know it’s the right thing to do,” Changpeng Zhao wrote of his resignation on social media X, formerly Twitter. “I’ve made mistakes, and I need to take responsibility for them. It’s what’s best for our entire community, for Binance and for me personally.”

The deal with US authorities will see Binance work with the US government’s financial monitoring for five years.